Hellenic Telecommunications Organization SA (OTE) Chairman and Chief Executive Panagis Vourloumis has been named CEO at the company's mobile subsidiary, announced the company on 26 September 2007. According to a statement from Cosmote Mobile Telecommunications SA (COSMO.AT), Vourloumis will combine the role of CEO with his existing responsibilities as chairman of the unit.
This follows the resignation of CEO Evangelos Martigopoulos Tuesday after a dispute over the future direction of the two companies.
OTE holds a 66.7% stake in Cosmote and Vourloumis has said he would like to absorb the unit to provide better synergies between the two companies -a move Martigopoulos resisted.
"The intense competitive environment, the continuous evolution in the telecoms sector and particularly the upcoming convergence dictate the adoption of a unified strategy," Vourloumis said in the statement, cited by Dow Jones Newswire.
