Deutsche Telekom’s CEO Rene Obermann will resign from his post at the end of next year, with CFO Timotheus Hottges to take the reins.
Obermann will leave his position at the German incumbent on 31 December 2013 and Hottges’ promotion will take effect…
Deutsche Telekom’s CEO Rene Obermann will resign from his post at the end of next year, with CFO Timotheus Hottges to take the reins.
Obermann will leave his position at the German incumbent on 31 December 2013 and Hottges’ promotion will take effect the next day.
Obermann has been CEO for the last seven years, and worked at the company for 16 years.
Explaining his departure, he expressed a desire to be closer to operational activities than would be possible for the CEO of a multinational, and to take on more entrepreneurial activities.
“This is the right time to prepare to pass the baton and ensure a smooth transition,” Obermann said. “I will work closely with Tim Hottges on this.”
His successor joined the company in 2000 and has held a number of roles at the telco. He has been CFO since spring 2009.
Speaking about the future strategy for DT, Hottges said: “Our goal must be to successfully implement the transformation strategy we developed together. By 2014, we expect to halt the decline in revenues and start growing again.
“Therefore, we will invest heavily primarily in our networks in Germany, but also in those in the USA, to secure the future of our company.”
DT is currently looking to complete the reverse merger of its wholly-owned US subsidiary T-Mobile USA with MetroPCS.
