FRANKFURT (AFX) - US private equity fund Blackstone, a shareholder in Deutsche Telekom AG, does not want chief executive Kai-Uwe Ricke's contract to be extended, according to weekly Focus magazine's Monday edition, citing sources from shareholder circles.
Ricke's CEO contract is due to expire in the autumn of 2007.
Focus also said the German government, which holds a 31 pct direct and indirect stake in Deutsche Telekom, is also unhappy with the way the company's share price has dropped recently.
It said influential shareholders have also been critical with the way Walter Raizner, head of unit T-Com, and Lothar Pauly, head of the business clients division, have been running their operations.
It said the supervisory board is currently looking for alternatives to Ricke, Raizner and Pauly and will discuss these issues at its next regular meeting in September.
Meanwhile weekly WirtschaftsWoche cited Telekom managers as saying that chief financial officer Karl-Gerhard Eick aspires to become CEO of Deutsche Telekom.
It said a decision on extending Eick's CFO contract is expected to be made but Eick himself will not agree to any extension because he would like to be a CEO, if not of Deutsche Telekom, then of another company.
Eick's five-year contract as CFO will end in November next year.
marilyn.gerlach@afxnews.com mog/jlw COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
Ricke's CEO contract is due to expire in the autumn of 2007.
Focus also said the German government, which holds a 31 pct direct and indirect stake in Deutsche Telekom, is also unhappy with the way the company's share price has dropped recently.
It said influential shareholders have also been critical with the way Walter Raizner, head of unit T-Com, and Lothar Pauly, head of the business clients division, have been running their operations.
It said the supervisory board is currently looking for alternatives to Ricke, Raizner and Pauly and will discuss these issues at its next regular meeting in September.
Meanwhile weekly WirtschaftsWoche cited Telekom managers as saying that chief financial officer Karl-Gerhard Eick aspires to become CEO of Deutsche Telekom.
It said a decision on extending Eick's CFO contract is expected to be made but Eick himself will not agree to any extension because he would like to be a CEO, if not of Deutsche Telekom, then of another company.
Eick's five-year contract as CFO will end in November next year.
marilyn.gerlach@afxnews.com mog/jlw COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited