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| Chief Resists Ouster Pressure at German Telephone Giant by Jeremy at 2:10 pm EDT, Jul 13, 2002 | |||
The chief executive of Deutsche Telekom, Ron Sommer, stepped up his resistance to efforts to oust him today, even as speculation grew about potential successors. Mr. Sommer's future is expected to be decided on Tuesday at a meeting here of the company's 20-member supervisory board. In a letter published as a full-page advertisement in German newspapers today, Deutsche Telekom said that any change in its strategy "would not be in the interest of the shareholders, customers, Germany as a business location and certainly not in the interest of our employees." "Those who don't invest in the future won't have one," the advertisement said. Shares of DT, which suffers with $62B of debt, have fallen 90% since March 2000. Europe's largest telecom company is on the brink. Do you still have any shares in DT? Does your mobile phone rely on VoiceStream wireless service? Are you a KPNQwest customer who recently jumped to DT, hoping for reliable service? Are you a GSM component supplier whose business model was based on DT's sales volume? Are you the German government, saddled with 43% of DT? | |||
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