Resignation opens way for OTE to absorb subsidiary
Mobile phone company Cosmote, a subsidiary of OTE telecom, said yesterday OTE’s CEO Panagis Vourloumis will be its new chief executive, replacing Evangelos Martigopoulos, who resigned a day earlier. «The board of directors picked Vourloumis as chairman and CEO,» a Cosmote spokesperson told Reuters after a company board meeting. Martigopoulos, credited with leading Cosmote to Greece’s top spot by number of customers, had disagreed with OTE management over strategy, objecting to a merger between Cosmote and OTE. He was at the helm of Cosmote for seven years. Vourloumis, Cosmote’s new CEO, said in a statement, «The intense competitive environment, the continuous evolution in the telecoms sector and particularly the upcoming convergence dictate the adoption of a unified strategy.» He thanked Martigopoulos for his «invaluable» contribution to Cosmote’s impressive growth. Cosmote is 67 percent-owned by OTE. Its board also picked Michalis Tsamaz, 48, as deputy managing director. Tsamaz has been head of OTEGlobe since 2006 and previously commercial director at Vodafone Greece. Analysts have said the resignation is a sign that a buyout of Cosmote minorities may be imminent. Acquiring all of the remaining shares OTE does not own could cost -2.65 billion at current market prices. (Reuters, Kathimerini)
