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The Week in Germany: Business and Technology November 16, 2006 Changing of the Guard at Deutsche Telekom
René Obermann, head of T-Mobile, stepped up on Monday as chief executive of its parent group, Deutsche Telekom, Europe's biggest phone company. The move follows Kai-Uwe Ricke's resignation on Sunday. According to some media reports, Ricke was ousted in a boardroom coup masterminded by Blackstone, the US private equity group, and supported by the German government and the services union Verdi. Blackstone owns 4.5% of Deutsche Telekom and the German state holds 32%. But the German Finance Ministry has reportedly denied any involvement in replacing the Telekom chairman of the board. German Chancellor Angela Merkel, meanwhile, wished Obermann "a lot of success" in his new post. Klaus Zumwinkel, head of Deutsche Telekom's supervisory board, moreover said Obermann, 43, was "a strong company personality with leadership qualities and more than 20 year's experience in this sector." He has been appointed for five years. Ricke had come under fire for a poor financial performance and sagging
share price after initially winning praise for halving debt at the Bonn-based
group, which has annual sales of 60 billion euros ($77 billion), Britain's
Guardian Unlimited reported online on Tuesday. Links: |
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