Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Former Deutsche Telekom manager joins Vodafone Germany

27th Jun 2024 05:38

(Alliance News) - The German arm of telecommunications provider Vodafone Group PLC is strengthening its management team with a long-standing manager from Bonn, Germany-based telecoms firm Deutsche Telekom AG.

Hagen Rickmann will join the management board of Vodafone Germany in March 2025, where he will be responsible for the corporate customer division, the German subsidiary of the British Vodafone Group announced in Dusseldorf on Wednesday.

The 55-year-old will start in another role at Vodafone in November 2024, where he will oversee the corporate customer business in Germany, the Czech Republic, Greece, Ireland, Portugal, Albania and Turkey, the company said. He will continue in this role when he joins the management board four months later, it added.

Rickmann previously spent 15 years at the Bonn-based competitor, including a long stint as head of corporate customers at Telekom Deutschland. He is now due to take on the same role at the Dusseldorf-based rival.

Vodafone is under pressure, as in recent years the company has lost market share and its competitors Deutsche Telekom and O2 Telefonica have pulled ahead.

Vodafone is trying to shrink itself back to health with job cuts and efficiency measures to make the company more competitive.

The corporate customer division currently accounts for some 20% of Vodafone Germany's total service revenue. The management sees opportunities for growth here: It is the only business area in which jobs are being created and not cut.

In order to strengthen the corporate customer division, the Vodafone Group plans to invest an additional EUR250 million in this segment in the financial year ending March 2025 and create around 120 new jobs in Germany.

Vodafone shares closed 1.3% lower at 69.78 pence each on Wednesday in London. Its shares are 4.0% lower than a year ago and 46% below five years ago.

source: dpa

Copyright 2024 Alliance News Ltd. All Rights Reserved.

FTSE 100 Latest
Value8,252.91
Change29.57