AMSTERDAM, Nov 27 (Reuters) - KPN said on Friday that a member of its supervisory board appointed by America Movil is stepping down, as Movil intends to sell its stake in KPN.
Board member Oscar von Hauske Solis will depart, KPN said, and no replacement has yet been designated.
“AMX has informed KPN that, related to the reclassification of its investment in KPN as an asset available for sale, it will limit representation in the Supervisory Board to one member,” KPN said.
America Movil CFO Carlos Moreno remains on KPN’s board.
Movil holds a 24.83 percent stake in KPN but has issued 3.75 billion euros worth of convertible bonds backed by its KPN shares.
If Movil exercises its conversion option, that would dispose of the bulk of its KPN stake. (Reporting by Toby Sterling; editing by Jason Neely)