Greece demands OTE management shuffle

Greece’s government wants to oust OTE chairman and chief executive Panagis Vourloumis, after he was charged with a breach of trust over procurement contracts last week.
 
The country’s Finance Minister said yesterday that it has already begun consulting with Deutsche Telekom, which owns 30% of the telco, about changes to the management team, despite the fact Vourloumis has transformed OTE’s business during six years at the helm, news-site Balkans.com reports.
 
Greece holds a 20% stake in OTE, and is obliged to consult with Deutsche Telekom over the appointment of chairman and chief executive officers.
 
Vourloumis is accused of overcharging for network maintenance contracts awarded to Siemens and Intracom Holdings between 2003 and 2007, WSJ.com reported
 
OTE defended its executives, claiming they “acted in the best interests of the Company,” and had inherited the contracts from the previous management team, which was replaced in 2004.
 
The chairman is widely credited with turning the business around during his tenure, growing its operations and cutting costs in preparation for a partial privatization.

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