KPN lowers bonus levels in 2011

KPN handed out less bonuses in 2011 than the year before, according to its annual report. CEO Eelco Blok took a base salary of EUR 767,000 and a variable compensation of EUR 198,000. A year before, former CEO Ad Scheepsbouwer had a salary of EUR 503,000 and a bonus of EUR 1.3 million. KPN said the new CEO received a lower bonus because he failed to meet all targets and because the company has shifted to rewarding long term versus short term goals. Carla Smits-Nusteling, the CFO who left the company in January, received a base salary of EUR 606,000, a short-term bonus of EUR 104,000 and a long term bonus of EUR 754,000.