Deutsche Telekom (DT) and France Telecom (FT) announced on 1 April 2010 the successful completion of the merger of their respective UK mobile units, T-Mobile UK and Orange UK. A press release published on Orange’s website said that the merger transaction included the formation of a new joint venture (JV) which will be accounted for using the equity method as of April 2010 for both DT and FT. The deal was announced on 8 September 2009, and according to the joint venture partners, has now obtained all necessary approvals. Tom Alexander, former CEO of Orange UK, is the Chief Executive of the new entity, and Richard Moat, the former CEO of T-Mobile UK, is its Chief Financial Officer and Deputy CEO. A Board of Directors has also been formed, on which Tom Alexander and Richard Moat will serve as executive directors. Tim Hottges, CFO of DT, will lead the board as non-executive chairman for two years. After this time, the leadership will rotate to Gervais Pellissier, Deputy CEO and CFO of FT, for two years. Also joining the six-person Board as non-executive directors are Philipp Humm, Chief Regional Officer Europe for DT and Olaf Swantee, Executive Vice President Europe at FT.