Cosmote Mobile Telecommunications SA (COSMO.AT) Chief Executive Evangelos Martigopoulos has resigned, according to a statement by parent company Hellenic Telecommunications Organization SA (OTE) Tuesday, announced Dow Jones on 25 September 2007.
In a statement to the Athens stock exchange, OTE said that its board of directors would formally accept the resignation at a meeting Wednesday.
"The reason for the resignation was due to a disagreement with the main shareholder of Cosmote over strategic issues concerning the OTE group," the statement said. Earlier Tuesday, daily newspaper Kathimerini, citing unnamed sources, reported that OTE CEO Panagis Vourloumis had asked Martigopoulos for his resignation.
Kathimerini reported the move would ease OTE's plans to consolidate its 66.7%-owned mobile telephony unit Cosmote. In July, Vourloumis said the consolidation of the two companies is the best solution for the group.
Cosmote shares closed Tuesday up 1.5% at EUR24.04, while OTE shares ended 0.8% down at EUR25.10.
