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Deutsche Telekom's CEO to Resign at the End of Next Year

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CEO of Deutsche Telekom's CEO, Ren Obermann has announced his intention to step down from the role at the end of next year. He is to be succeeded by Tim H ttges, currently the Group's Chief Financial Officer.

Commenting on the timing, Obermann said: "This is the right time to prepare to pass the baton and ensure a smooth transition. I will work closely with Tim Höttges on this."

He didn't elaborate on why he wanted to step down from the company, as he will be just 50 when he leaves the firm.

Obermann is leaving Deutsche Telekom after 16 years, of which he spent seven at the head of the company and 11years as a member of the Board of Management to move closer to operational activities than would otherwise be possible for the CEO of an international corporate group and take on even more entrepreneurial activities.

Höttges has been with Deutsche Telekom since 2000. He was initially the Chief Financial Officer (CFO) of the company's German mobile subsidiary, later assuming the role of Chief Executive Officer before becoming the Chief Sales and Service Officer of the company's European mobile operations. In December 2006 he moved into the DT Board of Management by taking over responsibility for the company's fixed-line business in Germany. On March 1, 2009, he took over as Chief Financial Officer of the Group.

Ulrich Lehner, Chairman of the Supervisory Board of Deutsche Telekom, said that he deeply regrets Obermann's decision: "I respect his step, even if I would have very much preferred to continue our successful cooperation. I would like to thank him for wanting to ensure a smooth transition over the course of 2013. It is very important to the Supervisory Board to define the succession and transition early on, thereby ensuring continuity."

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Tags: deutsche telekom  rene obermann  Germany