ECONOMY

New Romtelecom chief

The head of OTE’s international investments division said yesterday he will temporarily take the helm of Romtelecom to help wind up a deal giving the Greek operator a majority stake in its biggest foreign investment. «There’ll be a change over the next few days to better control the process regarding the completion of the transaction. It’s part of our policy to facilitate the issue,» George Skarpelis told Reuters. Skarpelis, who is also OTE’s vice president, said Romtelecom’s current chief executive, Panayiotis Kargados, had already requested to leave by the end of the year and that OTE would find a permanent replacement later. OTE last week put the brakes on a long-sought deal to raise its stake in Romtelecom due to plans by Romania’s telecoms regulator to change rates for interconnection. OTE management said the new proposed rates would complicate its plans to turn around the cash-strapped company. The deadlock over Romtelecom has been cited as a major reason for the recent plunge in OTE’s shares to six-year lows. (Reuters)