Telefonica Czech chief executive to step down as of end-June [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Telefonica Czech chief executive Luis Malvido will step down as of end-June 2014 but will stay as head of the company's board of directors until the end of the year, the company said in a statement on its website. Telefonica did not say who will replace Malvido as CEO.
The management reshuffle follows the company's acquisition by Czech investment and financial group PPF.
PPF, controlled by the Czech Republic's richest man Petr Kellner, agreed in November to buy a 65.9% stake in Telefonica Czech for EUR 2.467bn. The deal also includes Telefonica's Slovak operations. Telefonica will keep a 4.9% in the Czech unit.
Telefonica Czech Republic, the country's largest telecommunications company, will likely change its name to O2 Czech Republic, according to earlier media reports. The shareholders will vote on the name change at an extraordinary meeting the date of which is yet to be announced. Telefonica Czech Republic uses the name O2 as a trademark under which it offers its services.
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