Oct. 22 (Bloomberg) -- Deutsche Telekom AG and the Greek government agreed to appoint Michael Tsamaz as the new chief executive officer and chairman of Hellenic Telecommunications Organization SA, the German company’s Greek unit.
Tsamaz, who heads Cosmote, the company’ mobile-phone unit, will take over from Panagis Vourloumis on Nov. 3, according to an e-mailed statement from Athens-based Hellenic Telecom, known as OTE. Deutsche Telekom owns 30 percent of Hellenic and the Greek government 20 percent.
“OTE has a crucial role in the country’s development and the broader region and in enhancing the competitiveness of the Greek economy,” Finance Minister George Papaconstantinou said in the statement. “Tsamaz, as a common choice of the main shareholders of the organization, will successfully face the difficult tasks ahead.”
Shares of Hellenic Telecom added 3 percent to 5.78 euros on the Athens Stock Exchange, valuing the business at 2.8 billion euros ($3.9 billion).
Tsamaz has headed Cosmote since September 2007 and been an executive at Hellenic Telecom since 2001. He takes over from Vourloumis, who was appointed in 2004. Under Vourloumis, the company cut its workforce and sold unprofitable units in Greece and other countries.
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