Greece's OTE Appoints Two Deutsche Telekom Executives to Board
ATHENS -(Dow Jones)- Hellenic Telecommunications Organization (OTE) shareholders on Thursday appointed two senior Deutsche Telekom executives to its 11-member board of directors, foreshadowing the role the German telecom will play in the future management of OTE.
The annual shareholders meeting approved the appointment of Karl-Gerhard Eick, deputy chairman of Deutsche Telekom, as director for a three-year term, filling an existing vacancy on the board.
Also elected was Hamid Akhavan, Deutsche Telekom board member with responsibility for the company's T-mobile operations.
Shareholders also approved the appointment of Leonidas Evangelides, a senior Greek diplomat and formerly Greece's ambassador to Germany, whose candidacy was supported by both Deutsche Telekom and the Greek government.
In mid-May, Deutsche Telekom reached a EUR3.2 billion three-way deal with the Greek government and Greek private equity company Marfin Investment Group Holdings to share ownership and management control of OTE.
Under the terms of the deal, Deutsche Telekom and the Greek government will each control a 25% plus-one-share stake in OTE, Greece's one-time state-owned monopoly phone company, and each will appoint five members to a future 10-member board of directors.
Earlier this month, the Greek parliament approved the agreement by a narrow majority, which still must gain regulatory approval in Greece and Germany before taking effect. That approval is expected in the third quarter.
-By Alkman Granitsas, Dow Jones Newswires; +30 210 331 2881; alkman.granitsas@dowjones.com
(END) Dow Jones Newswires
Posted to the site on 26th June 2008
