Deutsche Telekom CEO Rene Obermann to step down
December 21, 2012 2:14 AM EST
"This is the right time to prepare to pass the baton and ensure a smooth transition," Obermann said in a statement on Thursday.
Obermann, 49, has been with Deutsche Telekom for 16 years. By late 2006, he had risen to become the youngest ever CEO of a German blue-chip, at just 43.
When he took over, Deutsche Telekom was a lumbering giant with customers leaving in droves and investors wary of its ability to deliver.
As chief executive his image has been of a low-key and somewhat uninspiring leader, eager to keep unions and politicians happy and wary of taking big strategic decisions.
He suffered a blow last year when a deal to sell Deutsche Telekom's troubled T-Mobile USA business, which has been losing market share, to AT&T
This month, Deutsche Telekom cut dividends for the next two years by almost a third investments at home and in the United States eat away cash.
"We will invest heavily primarily in our networks in Germany, but also in those in the USA, to secure the future of our company," Hoettges said on Thursday, affirming Deutsche Telekom aims to return to revenue growth in 2014.
(Reporting by Maria Sheahan; Editing by Christoph Steitz)
Most Popular Slideshows
Join the Conversation
- Nokia Lumia 730 v. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- NATO: Russia's Been Conducting Too Many Military Flights Over Europe
- Apple iPhone 6 Plus vs Motorola Droid Turbo: Comparsion On Processor, Software And Battery
- Australia Special Forces Await 'Delayed' Iraqi Visas Before Joining ISIS Fight
- ISIS Has Been Equipped With Advanced Anti-Aircraft Missiles
- Samsung Galaxy Note 4 vs Motorola Droid Turbo – S-Pen Is Note’s 4 USP But Droid Turbo Can Outshine With Larger Battery
- 8 Important Things to Consider Before Buying or Upgrading to iPad Air 2