TDC CEO Dyremose To Become Chairman Of TDC

STOCKHOLM -(Dow Jones)- Danish telecommunications operator TDC , Thursday said its president and chief executive, Henning Dyremose, has accepted an offer to become chairman of the board of TDC.

Jens Alder, who left his role as president and CEO of Swisscom at the end of January, is expected to become new president and CEO of TDC, the company said.

Senior Vice President and CFO, Hans Munk Nielsen, will continue on the Executive Committee of TDC.

Alder is expected to take on his new position as of Nov. 1, 2006 when he will no longer have any contractual obligations vis-a-vis Swisscom. The company expects to conclude a final agreement to that effect in the near future.

Dyremose is expected to be elected new chairman in connection with TDC's Annual General Meeting in March 2007. He will continue as president and CEO until Alder takes over.

After that Dyremose will, as a non-executive director of TDC, be at the company's disposal as advisor for Alder until the Annual General Meeting.

President and CEO Dyremose will receive a retirement bonus in accordance with his current contract as stated in TDC's Annual Report 2005 and as further described in the company's stock exchange release dated Nov. 30, 2005. He will in addition receive a special bonus of between DKK7.5 million and DKK15 million, depending on the company's financial performance in 2006.

In accordance with his current contract, Nielsen will receive DKK11.4 million as a consequence of the change of control in the company.

Furthermore, he has been granted a stay-on bonus of up to DKK13.3 million payable no later than July 1, 2008. The company has in addition granted Nielsen a bonus of up to DKK4.3 million, depending on the company's financial performance in 2006.

NTC plans to implement an incentive program for top managers in TDC which will also include Dyremose as well as Nielsen.

(END) Dow Jones Newswires "

Posted to the site on 22nd June 2006