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Greece's OTE renews CEO's term until 2021
November 6, 2017 / 4:42 PM / a month ago

Greece's OTE renews CEO's term until 2021

ATHENS, Nov 6 (Reuters) - Greece’s biggest telecoms operator OTE has renewed its chief executive officer’s contract for another three and a half years, it said on Monday.

The company, which is 40 percent owned and managed by Deutsche Telekom, said the board has decided that chairman and chief executive Michael Tsamaz will keep his post until June 2021 on the same terms and conditions.

Tsamaz has been at the helm of the group since 2010.

The group, which also operates in Romania and Albania, has spent 2 billion euros on new generation and fibre optics infrastructure investments since 2010, when Greece’s debt crisis broke out. It reduced its net debt to about 530 million euros ($614 million) last year from 4.3 billion in 2010. ($1 = 0.8632 euros) (Reporting by Angeliki Koutantou; Editing by Adrian Croft)

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