Deutsche Telekom boss Obermann resigns to end 2013

By the Associated Press | December 20, 2012 | 9:33 AM EST

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.