Deutsche Telekom CEO Rene Obermann is set to take the helm of Dutch cableco Ziggo.
Amsterdam-listed Ziggo said today that its supervisory board intends to appoint Obermann, whose resignation from the German incumbent was announced in December, on l…
Deutsche Telekom CEO Rene Obermann is set to take the helm of Dutch cableco Ziggo.
Amsterdam-listed Ziggo said today that its supervisory board intends to appoint Obermann, whose resignation from the German incumbent was announced in December, on l January 2014. He succeeds Bernard Dijkhuizen, who plans to retire.
Obermann, 49, said he is “very pleased” to join Utrecht-based Ziggo, which completed its €925m (US$1.2bn) IPO in March last year, after 15 “happy” years with DT.
Back in December, when his departure from DT was announced, Obermann said that he was looking for a new role closer to operational activities than it is possible as CEO of a multinational player such as Deutsche Telekom.
Today he said that the position as CEO of Ziggo would fulfil this “strong wish as an entrepreneur”.
Ziggo supervisory board chairman, Andy Sukawaty, described Obermann as a “perfect successor” to Dijkhuzien, who will stay on to ensure a smooth transition.
“His leadership skills and broad global experience in fixed and mobile telecoms will help to drive continued long-term growth and service innovation at Ziggo.
Obermann is set to stay on at DT until the end of the year, helping successor and current CFO Timotheus Hottges to settle in.
Ovum analyst Steven Hartley described Obermann’s appointment as a good fit. “Moving from a telco to a cable company is hardly a quantum leap nowadays as each competes in the same space, albeit coming from historically different perspectives,” he said.
Ziggo was the first European cableco to list in March last year since the IPO of German KDG in 2010. After listing 25% of Ziggo initially for €925m, its former sole owners Warburg Pincus and Cinven have since further reduced their stake in the cableco. By October 2012 both PE firms had reduced their respective shareholdings in Ziggo to below 20%.