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Deutsche Telekom boss Obermann resigns to end 2013

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December 20, 2012 09:21 AM EST | AP


BERLIN — 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 (EURO)8.61 ($11.40) on the Frankfurt exchange late Thursday.