Ad scheepbouwer is the nearest thing the telecoms industry has to an action hero. For anyone parachuted in to turn round troubled banks, he has a move or two worth learning.rnWhen he arrived as chief executive at kpn in 2001, the Dutch operator had been wrecked by the bubble. Net debt was six times operating profits and some employees were "living in an illusion", he says. "I told them: 'You could do business with me or the receiver'."rnFirst, he persuaded banks to give kpn some breathing space and convinced shareholders to back a rights issue. He also hired a team of external consultants to search the firm's books for unexploded ordnance. There were also "dozens of hobby projects" that had to be shut down, with even minor capital-spending decisions subject to board review. And there were big job cuts.rnOn disposals, kpn trod a fine line skilfully. Minority stakes were "dead money" and sold, whereas alliances with other firms were unwound to remove complexity. But kpn also bought assets where necessary, even in the midst of the crisis, taking full control of its growing but troubled German mobile unit-a very significant move.
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