Millicom president and CEO Hans-Holger Albrecht plans to step down at the end of the year.
The board of directors has set up a special committee to find a successor which will be assisted by executive recruitment firm Egon Zehnder, the Stockholm-listed…
Millicom president and CEO Hans-Holger Albrecht plans to step down at the end of the year.
The board of directors has set up a special committee to find a successor which will be assisted by executive recruitment firm Egon Zehnder, the Stockholm-listed telecoms and media group said in a statement today.
CFO Tim Pennington will serve as interim CEO until a permanent replacement is found.
Albrecht became president and CEO of the company, which focuses on emerging markets in Latin America and Africa, in November 2012. Millicom credited him with playing a key role in transforming it from a purely telecoms company into a “digital lifestyle proposition” for its Tigo customers.
Chairwoman Cristina Stenbeck noted that Albrecht also steered the company through its successful merger in Colombia.
Albrecht said he feels it is the right time for him to turn to “a number of entrepreneurial projects” and the media sector.
He will be available to help during the transition period and will continue as a senior adviser to Stenbeck.
Millicom operates in 14 countries, primarily under the Tigo brand. It claims to provide mobile, cable, broadband, TV content, online and financial services to more than 50 million customers.
