May 15 (Bloomberg) -- Deutsche Telekom AG promoted Thomas Dannenfeldt to finance chief, replacing Timotheus Hoettges, who is preparing to take over as chief executive officer at Germany’s largest phone company next year.
Dannenfeldt, 46, has been with the company for two decades and has overseen finances at the German division the past three years, Bonn-based Deutsche Telekom said in a statement today. CEO Rene Obermann, who announced his decision to step down last December, is set to join Dutch cable operator Ziggo NV.
Dannenfeldt will be responsible for finances at a company with $75 billion in annual sales and that has just completed a merger of its U.S. wireless business with MetroPCS Communications Inc., gaining a U.S. listing for T-Mobile US.
Germany’s former phone monopoly is also preparing to speed up its fixed-line Internet to fend off cable providers in its home market while trying to limit the damage from the economic crisis on its European operations.
Dannenfeldt, who joined T-Mobile Germany in 1992, studied business mathematics at the University of Trier. He was in charge of finance at T-Mobile Germany from 2009, and was previously responsible for managing the company’s European sales and supply chain and worked on cost-cut programs.
Deutsche Telekom also extended German chief Niek Jan van Damme’s contract ahead of time, it said today.
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