Deutsche Telekom boss Obermann resigns to end 2013

Deutsche Telekom boss Obermann to resign end of 2013, CFO Hoettges to succeed him

Associated Press

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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