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Deutsche Telekom's boss resigns New top man at Deutsche Telekom
(about 2 hours later)
Deutsche Telekom's shares rose 3% in Monday morning trading after the news that its chief executive had resigned. German phone giant Deutsche Telekom has announced that the head of its mobile phone arm, Rene Obermann, is to be its new chief executive.
Europe's largest telecoms group by sales, Deutsche Telekom said on Sunday that Kai-Uwe Ricke would be standing down with effect from Monday. 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%.
It gave no reason for Mr Ricke's departure but the move comes days after the firm unveiled poor results. Deutsche Telekom, Europe's largest telecoms group by sales, gave no reason for Mr Ricke's departure.
Deutsche Telekom said last week that its profits in the three months to 30 September were down 34% on a year ago. But the change follows poor results, and pressure from shareholders.
The firm has been hit by increased competition in its main German market. Earlier in November, Telekom said its profits in the three months to 30 September were 34% down on the year before.
Legal row 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.
Mr Ricke's successor has yet to be officially announced, but it is expected to be Rene Obermann, the boss of T-Mobile, Deutsche Telekom's mobile phone unit. 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.