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Telekom Austria CFO steps down

Telekom Austria has lost its Chief Financial Officer after Hans Tschuden announces he is to step down from the position, amid big changes in investor ownership of the telecoms company.

It is likely that top investor Carlos Slim, whose company America Movil are entering a shares pact with the Austrian government holding company OIAG over Telekom Austria, will influence the choice of replacement for the executive position.

Tschuden has been in the position since 2007 and had a contract in place until 2017, although it included a clause allowing it to be broken two years earlier.

No reason has been given by Telekom Austria for Tschuden's decision to step down, nor any suggestion has been made yet about who will replace him.

"I thank Hans Tschuden for his years of contribution as Chief Financial Officer of the Telekom Austria group and especially for his excellent chaperoning of the company's growth phase," said Chairman of Telekom Austria Chairman Rudolf Kemler, who is also in charge of the OIAG company.

America Movil is expected to make a friendly takeover bid once they have combined their shares with OIAG in a pact, bringing the total shares above the 30% threshold that triggers a mandatory takeover offer.

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