Deutsche Telekom CEO resigns

13 Nov 2006

Kai-Uwe Ricke, Chief Executive of German incumbent telco Deutsche Telekom (DT), will step down today following the announcement of a 20% drop in net profit in the third quarter, as well as the loss of 500,000 landline connections in the same period. Two of DT’s main shareholders, the German government and private equity group Blackstone, were said to be unhappy with the telco’s performance. The most likely replacement is thought to be Rene Obermann, CEO of DT’s wireless unit T-Mobile.

Germany, Deutsche Telekom (DT)