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Magyar Telekom CFO Klaus Hartmann quits to take Polish CEO post

Magyar Telekom Nyrt, the Hungarian unit of Deutsche Telekom AG, said CFO Klaus Hartmann is leaving to head Poland's second-largest mobile phone company, which also is partly owned by the German company. Hartmann will take the CEO's post at Polska Telefonia Cyfrowa Sp. z o.o. after serving as CFO in Budapest for six years, Magyar Telekom said in a statement yesterday. He will leave Sept. 15, the Budapest-based company said. The company will hold a shareholders meeting Oct. 9 to inform investors about the state of an inquiry into two contracts at its Montenegrin unit and vote on new management and supervisory boards. Thilo Kusch, senior vice-president of Deutsche Telekom for investor relations, will succeed Hartmann, Magyar Telekom said. Elektrim SA, Vivendi SA, Deutsche Telekom AG and Elektrim's bondholders are battling for control of Polska Telefonia Cyfrowa in more than 50 lawsuits in five European countries.

Elek Straub, Chairman and CEO of Magyar Telekom, expressed regret over the departure of Dr. Hartmann detailing his significant contributions to the Group: “During his 6-year post as CFO of Magyar Telekom, Klaus Hartmann played a vital role in transforming the Group from a national incumbent into a leading, integrated telecommunications service provider in the region. He contributed to several successful acquisitions, both in Hungary and the neighboring countries, and provided valuable support during the merger of the fixed and mobile businesses. During his time at Magyar Telekom, he also established a high-quality financial function across the whole Group. This included the Financial Shared Service Center, which significantly improved the efficiency of the Company. Under his management, Magyar Telekom gained great credibility among the investment community, a fact reflected by several awards for financial communication he received over the years. On behalf of the entire board and management team at Magyar Telekom, I would like to thank Klaus Hartmann for his dedicated service and wish him the best in his future endeavours.”

The Board of Directors is expected to make the necessary steps regarding the departure of Dr. Hartmann and the appointment of Kusch at its next board meeting. Thilo Kusch worked in various roles in telecommunications over the last 15 years. He is a Senior Executive Vice president of Deutsche Telekom, currently in charge of investor relations for the group. He has been with the company for almost 5 years and previously worked as an equity analyst and management consultant. (Bloomberg,