Deutsche Telekom AG (DT) revealed on Sunday evening that its Chief Executive Officer Kai-Uwe Ricke filed his resignations. Ricke leaves his office one year before his contract ends. Sources noted that further to the dwindling profits, Ricke lost support from the major shareholders.
Ricke had been at the helm since November 2002 and was instrumental in reducing the company' debt in half. He was trying to increase the share values through focused strategic moves such as asset sales, job cuts.
How ever, in the recent third quarter, the company recorded a 20% decline in profits. Its wireless subscriber base also has been falling in a fast rate, since customers turn to internet based devices.
