Salem Radio Network News Monday, January 24, 2022

Business

Deutsche Post CEO could become Deutsche Telekom chairman – report

BERLIN (Reuters) – Frank Appel, the chief executive of German logistics company Deutsche Post, is the favourite to become the next supervisory board chairman of Deutsche Telekom, the Handelsblatt newspaper reported on Saturday.

A preliminary decision could be made at a meeting of the supervisory board on Dec. 15, with Appel potentially proposed for election at the annual meeting on April 7, Handelsblatt reported, citing five people familiar with the matter.

The newspaper said there were also talks under way about an early contract extension for Telekom CEO Timotheus Hoettges. Both companies declined to comment on the report.

The term of office of Telekom chairman Ulrich Lehner, who has headed the Telekom supervisory body since 2008, ends at next year’s shareholder meeting. He had already confirmed that an external search for a successor was under way.

Appel’s predecessor at Deutsche Post, Klaus Zumwinkel, also served as supervisory board chairman of Telekom.

The German government holds stakes in both companies.

Appel, a former McKinsey consultant, has been with Deutsche Post since 2000. In 2002, he became a member of the board of management, and in 2008 he moved up to the post of CEO.

His contract runs until 2022 and a decision on his future at the Post had been expected soon. Some industry insiders have speculated that Appel could be ready to move on given that Deutsche Post has posted record results through the pandemic.

(Reporting by Matthias Inverardi and Nadine Schimroszik; Writing by Emma Thomasson; Editing by Kevin Liffey)

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