Telekom’s CEO ankles

Obermann likely to replace Ricke

FRANKFURT — Deutsche Telekom CEO Kai-Uwe Ricke will step down today from Europe’s biggest telecommunications company, the company said.

On Thursday, Deutsche Telekom reported a 20% dip in its third-quarter net profit and slowing growth in most of its markets, with the exception of its lucrative U.S. cellular business.

Analysts said the board and two of Deutsche Telekom’s main shareholders — the German government, which holds 32%, and private equity group Blackstone, which has 4.5% — were unhappy with the slide in profit.

Ricke, who took over as CEO four years ago, made the decision after the company’s board met Sunday.

Wire reports, citing people familiar with the supervisory board meeting, indicated Rene Obermann, CEO of the Bonn-based company’s wireless unit, was likely to be tapped as Ricke’s replacement.

Shares of Deutsche Telekom closed down 2.4% Friday at E13.14 ($16.90).

More Scene

  • Guillermo del Toro, Greta Gerwig and

    Timothée Chalamet Says He'd Love to Work With Christopher Nolan or Guillermo del Toro

    FRANKFURT — Deutsche Telekom CEO Kai-Uwe Ricke will step down today from Europe’s biggest telecommunications company, the company said. On Thursday, Deutsche Telekom reported a 20% dip in its third-quarter net profit and slowing growth in most of its markets, with the exception of its lucrative U.S. cellular business. Analysts said the board and two […]

  • Tracee Ellis Ross

    Tracee Ellis Ross at Image Makers Awards: 'Clothing Started as Armor for Me'

    FRANKFURT — Deutsche Telekom CEO Kai-Uwe Ricke will step down today from Europe’s biggest telecommunications company, the company said. On Thursday, Deutsche Telekom reported a 20% dip in its third-quarter net profit and slowing growth in most of its markets, with the exception of its lucrative U.S. cellular business. Analysts said the board and two […]

  • Golden Globes Timeline

    Inside the Glamorous Golden Globes After-Parties

    FRANKFURT — Deutsche Telekom CEO Kai-Uwe Ricke will step down today from Europe’s biggest telecommunications company, the company said. On Thursday, Deutsche Telekom reported a 20% dip in its third-quarter net profit and slowing growth in most of its markets, with the exception of its lucrative U.S. cellular business. Analysts said the board and two […]

  • Damian Lewis and Malin AkermanShowtime Golden

    Golden Globe 2018 Pre-Parties: BAFTA Los Angeles Tea, Showtime, ICM and More

    FRANKFURT — Deutsche Telekom CEO Kai-Uwe Ricke will step down today from Europe’s biggest telecommunications company, the company said. On Thursday, Deutsche Telekom reported a 20% dip in its third-quarter net profit and slowing growth in most of its markets, with the exception of its lucrative U.S. cellular business. Analysts said the board and two […]

More From Our Brands

Access exclusive content