Home Business Deutsche Telekom CEO René Obermann To Resign

Deutsche Telekom CEO René Obermann To Resign

When you purchase through our sponsored links, we may earn a commission. By using this website you agree to our T&Cs.

Deutsche Telekom AG (FRA:DTE) (PINK:DTEGY) (ETR:DTE)’s supervisory board announced that they accepted the resignation of René Obermann as chief executive officer after serving the company for 16 years.

The supervisory board of Deutsche Telekom AG (FRA:DTE) (PINK:DTEGY) (ETR:DTE) promoted its CFO, Timotheus Höttges as Deputy CEO. He will eventually assume Obermann’s position by the end of his employment contract on December 31, 2013.

In a statement, Oberman said, Deutsche Telekom AG (FRA:DTE) (PINK:DTEGY) (ETR:DTE) found the solutions for the key issues within the company and emphasized that it has the best network, best customer service in the industry, and is expanding its customer base with innovative products.

In addition, he said, “As an employer, we have given the topic of cultural diversity new momentum, which has been recognized and even emulated beyond the company. We have driven a shift in the values at the company: Today, DT is defined by a culture of fairness and open cooperation.”

He noted that the company has a solid financial foundation, and he believes it is the right time to pass his responsibility as CEO of the company. He 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.”

Obermann also commended the commitment of the company’s employees and he expressed his gratitude to them. He said, “Deutsche Telekom AG (FRA:DTE) (PINK:DTEGY) (ETR:DTE) has very good employees who are all highly qualified and motivated. Without their commitment, we would not have been able to handle the difficult tasks we faced in the last few years. For that, I thank them from the bottom of my heart.”

According to Obermann, he wants to move closer to operational and entrepreneurial activities. He said, “I want to go back to having more time for customers, for product development, and for technology.” He led Deutsche Telekom for seven years, and he spent eleven years as a member of the board of management.

Furthermore, he believed that Höttges is the best choice to succeed him as CEO of the company. He cited that Höttges has been serving the company since 2000.

Höttges joined Deutsche Telekom AG (FRA:DTE) (PINK:DTEGY) (ETR:DTE) as CFO of its subsidiary in Germany. He was promoted CEO of the German mobile subsidiary and then became the Chief Sales Service Officer of the company’s European mobile operations. In 2006, he served as a member of the board of management of Deutsche Telekom until he became CFO of the company in 2009.

“I look forward to my new role and to ensuring a smooth transition together with René Obermann. This succession plan will secure continuity in the transition. Being allowed to lead this company in the future is both an honor and a responsibility for me,” said Höttges.

Our Editorial Standards

At ValueWalk, we’re committed to providing accurate, research-backed information. Our editors go above and beyond to ensure our content is trustworthy and transparent.

Marie Cabural

Want Financial Guidance Sent Straight to You?

  • Pop your email in the box, and you'll receive bi-weekly emails from ValueWalk.
  • We never send spam — only the latest financial news and guides to help you take charge of your financial future.