German incumbent operator Deutsche Telekom has named the current head of its mobile arm as its new chief.
Rene Obermann was appointed as the new chief executive of the company just hours after the resignation of Kai-Uwe Ricke after shareholder pressure following a 20 per cent dip in the share price during Ricke's tenure.
Ricke's departures came a few days before his four-year anniversary in the role, but less than a week after the company announced that its profits for the last quarter were down by more than a third.
The chairman of the Supervisory Board, Dr. Klaus Zumwinkel, said in a statement: "Ren Obermann is a strong entrepreneural leader with over 20 years experience in an industry that is characterised by fast technological changes and constant new challenges in the market. His career has a strong international influence, particularly through the successful internationalisation of T-Mobile. Customer focus and service are of high priority to Obermann. At the same time he will continue managing costs effectively."
According to media reports, Ricke's successor was agreed upon following talks between the German government (who owns 30 per cent) and U.S. private equity group Blackstone, who holds a 4.5 per cent share in the company.
