Telecom KPN profit sinks 18%, supervisory board shaken up

Telecom company KPN saw a decline in profits in 2014. Last year the group made 239 million euros in profit, 18 percent less than the previous year, KPN announced on Wednesday. The turnover fell by 4.6 percent to 8 billion euros. The company also announced some changes in its supervisory board. KPN also announced that it has stepped up its savings targets. The company wants to reduce the costs in 2016 by 400 million euros, compared to 2013. Previously the target was more than 300 million euros. "2014 was a year of transformation for KPN in which we have made good strategic progress", CEO Eelco Blok said in a commentary. "After the sale of E-Plus we have further strengthened our position in the Netherlands by purchasing the remaining inters in the fiber joint-venture Reggefiber." KPN also announced a few changes in the company's supervisory board. Duco Sickinghe, the Dutchman who was at the head of Telenet until two years ago, will become the chairman of the supervisory board in April. Sickinghe has been a member of the supervisory board since April last year. He will succeed Jos Streppel after the shareholders meeting in April. In addition, KPN will also appoint Jolande Sap to the supervisory board. Sap is the former faction chairman and party leader of GroenLinks, and was nominated for the position because of Tini Hooymans' resignation. Sap is currently the chairman of the supervisory board of health institution Arkin and a partner at Camunico.