KPN confirms new CEO

...and he confirms he's going to sit tight and do nothing just yet...

Troubled Dutch telco KPN has confirmed Ad Scheepbouwer will be its new CEO, taking over the position from Paul Smits. Scheepbouwer, who will take up his office before 1 January 2002, has said his first act as CEO will be to call of all merger talks and has ruled out any immediate divestment of any parts of KPN's business. According to the Financial Times, a condition of Scheepbouwer taking the job was the agreement of a E2.5bn (£1.5bn) credit facility for the ailing company. He said this will give him the time he needs to plan a road to recovery for the telco.