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New top man at Deutsche Telekom | |
(about 2 hours later) | |
German phone giant Deutsche Telekom has announced that the head of its mobile phone arm, Rene Obermann, is to be its new chief executive. | |
The previous incumbent, Kai-Uwe Ricke, stepped down with immediate effect on Monday morning - a decision which helped push the firm's shares up 3%. | |
Deutsche Telekom, Europe's largest telecoms group by sales, gave no reason for Mr Ricke's departure. | |
But the change follows poor results, and pressure from shareholders. | |
Earlier in November, Telekom said its profits in the three months to 30 September were 34% down on the year before. | |
The firm has been hit by increased competition in its main German market, but T-Mobile - the unit which Mr Obermann has led - has consistently been the group's best performer. | |
href="http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/5/14449/intraday.stm" class="">Check Deutsche Telekom's share price | |
In addition to its falling profits, Deutsche Telekom is also currently embroiled in a row with French media group Vivendi. | In addition to its falling profits, Deutsche Telekom is also currently embroiled in a row with French media group Vivendi. |
Vivendi has filed an official complaint against Deutsche Telekom's purchase of a 48% stake in Polish telecoms firm PTC from another Polish company, Elektrim. | Vivendi has filed an official complaint against Deutsche Telekom's purchase of a 48% stake in Polish telecoms firm PTC from another Polish company, Elektrim. |
The French firm, which itself owns a stake in PTC, insists that Elektrim had no right to sell Deutsche Telekom the stake as it was jointly owned with Vivendi. | The French firm, which itself owns a stake in PTC, insists that Elektrim had no right to sell Deutsche Telekom the stake as it was jointly owned with Vivendi. |
Deutsche Telekom insists the deal was sound. | Deutsche Telekom insists the deal was sound. |