Millicom, MTG Fall as Albrecht Replaces Grahne: Stockholm Mover
Millicom International Cellular SA (MIICF) fell the most in two months after the emerging markets mobile- phone operator said Chief Executive Officer Mikael Grahne would step down and be replaced by MTG AB (MTGB) CEO Hans-Holger Albrecht.
Both companies are controlled by Sweden’s Kinnevik Investment AB (KINVB), the holding company of the Stenbeck family.
Millicom, which focuses on building businesses around prepaid wireless services, fell as much as 2.8 percent and was down 1.1 percent to 615 kronor at 3 p.m. in Stockholm. MTG, a broadcaster with operations in 35 countries, fell as much as 2 percent and was down 1.8 percent to 311.1 kronor.
Albrecht will take the new job on Oct. 31, Luxembourg-based Millicom said in a statement. Grahne had been CEO for almost four years. Jorgen Madsen, currently head of MTG’s Nordic broadcasting operations, will succeed Albrecht on Sept. 15, Stockholm-based MTG said in a separate statement.
Millicom shares have fallen 11 percent this year compared with a 6.8 percent increase in the OMX Stockholm All-Share Index. (SAX) MTG has declined 5.4 percent this year.
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