Millicom CEO Hans-Holger Albrecht To Step Down At Year-end - Quick Facts

(RTTNews) - Millicom (MICC, MIICF), a telecommunications and media company, said Hans-Holger Albrecht has informed the Board of Directors of his intention to step down as President and CEO of the company at year-end. The Board of Directors has initiated a search process for his successor.

A committee comprising the Chairman, Cristina Stenbeck, and directors Dame Amelia Fawcett and Paul Donovan has been formed to select the new CEO and will be assisted by Egon Zehnder.

The Board has asked Tim Pennington, Chief Financial Officer, to assume the role of interim CEO until a permanent successor has been appointed.

Pennington will be working closely with the members of the Executive Committee and with the Board of Directors to ensure the key strategic initiatives and priorities for 2015 continue to be executed.

Hans-Holger Albrecht became President and CEO of Millicom on November 1, 2012.

During his tenure, he has played a key role in developing and executing Millicom's strategy to transform it from a pure telecommunications company to its current Digital Lifestyle proposition for Tigo customers in Latin America and Africa.