Deutsche Telekom‘s (PINK:DTEGY) T-Mobile has lost its CEO to Vodaphone (PINK:VDCMY).
Philipp Humm resigned as the chief of the U.S.’s fourth largest wireless network yesterday. Today, he announced that he would join Deutsche Telekom’s European rival.
In a statement issued on Wednesday, T-Mobile claimed that Humm was leaving for personal and family reasons. However, a company memo from Deutsche Telekom stated that Humm was departing in order to work for a rival, Reuters noted.
Humm will manage Vodaphone’s telecom operations in Germany, Turkey, the Czech Republic and the United Kingdom.
Under a new reorganization, Vodaphone has divided its operations in Europe into two regions, northern and central Europe, to be headed by Humm.
Operations in Spain, Italy, Greece, Portugal and other southern European markets will be headed by Paolo Bertoluzzo, the former head of its Italian unit.
Earlier this year T-Mobile announced thousands of layoffs in a bid to cut costs. It continues to trail U.S. wireless competitors, Verizon (NYSE:VZ), AT&T (NYSE:T) and Sprint (NYSE:S).
The over-the-counter shares of Deutsche Telekom slipped more than 1%, while Vodaphone’s over-the-counter shares edged slightly lower in early Thursday morning trading in New York.
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