Deutsche Telekom incoming chief set for MetroPCS role
20 March 2013 |
MetroPCS has announced that Deutsche Telekom’s incoming chief executive Timotheus Hottges will also become chairman of its board after the proposed merger with T-Mobile USA is complete
Hottges will step into the role at Deutsche Telekom after present chief executive Rene Obermann steps down, and will assume his enhanced role with MetroPCS once the merger is approved by the company’s shareholders.
MetroPCS shareholders will vote on the deal on April 12, 2013, which is set to promote 11 directors to the board with the majority thought to be from Deutsche Telekom.
However, the deal remains contentious with activist shareholders complaining about the company’s valuation.
The merger would see Deutsche Telekom take a 74% stake of the combined company, and MetroPCS said it would pay $1.5 billion in cash to its shareholders.
When merged, the board of the combined company is set to include two existing MetroPCS directors in W. Michael Barnes and James Perry, who will be joined from six Deutsche Telekom directors.
Deutsche Telekom directors Raphael Kubler, Lawrence Guffey and Rene Obermann will all be on the board of the new company along with John Legere, T-Mobile USA’s CEO, and M&A executive Thorsten Langheim.
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