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KPN to pay departing CFO one-year base salary

Tue Jun 30, 2009 12:13pm EDT

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AMSTERDAM, June 30 (Reuters) - Dutch telecoms group KPN (KPN.AS) said on Tuesday it had agreed to pay a one-year base salary to its Chief Financial Officer Marcel Smits, whose resignation will take effect on July 1.

KPN had said in May that Smits would leave the company by the end of 2009 and that two deputies would take over his duties during the search for a successor. [ID:nLJ217533]

The company said it had agreed with Smits that his employment contract would terminate on Dec. 31.

In addition to the salary payment, which KPN said was in line with a Dutch corporate governance code, Smits would also retain his entitlement under a phantom share plan, valued at a maximum of 972,000 euros ($1.37 million), KPN said.

Smits joined KPN as CFO in September 2004. ($1=.7077 Euro) (Reporting by Aaron Gray-Block)



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