OTE renews CEO’s term until 2021

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 has spent 2 billion euros on new generation and fiber-optics infrastructure investments since 2010. It reduced its net debt to about 530 million euros last year from 4.3 billion in 2010.

[Reuters]