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BERLIN (AP) — Deutsche Telekom says chief executive Rene Obermann will step down at the end of 2013 after seven years at the head of the company.
The Bonn, Germany-based telecoms giant, whose broad portfolio of businesses includes U.S. cellphone carrier T-Mobile USA, says its supervisory board has accepted Obermann's resignation. It said in a statement Thursday that chief financial officer Timotheus Hoettges will succeed Obermann at the head of the company in 2014.
Shares in the former state monopoly were up 0.2 percent at €8.61 ($11.40) on the Frankfurt exchange late Thursday.
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