Millicom CEO to step down
Juan Fernandez Gonzalez
| 03 December 2014
After two years heading Swedish telco Millicom, Hans-Holger Albrecht has informed the board of directors of his intention to step down as president and CEO.

millicomhhThe search for a replacement has already started through a committee comprising the chairman, Cristina Stenbeck, and directors Dame Amelia Fawcett and Paul Donovan, assisted by Egon Zehnder.

In the meantime, Tim Pennington, chief financial officer, has assumed 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.

Since he was appointed in November 2012, Hans-Holger Albrecht has led Millicom into expansion throughout Latin America and Africa, reinforcing the Tigo brand in Central and South America and taking the telco into the pay-TV and direct-to-home (DTH) sectors.

"The board of directors would like to thank Hans-Holger for his significant contribution to Millicom over the last two years," said Cristina Stenbeck. "Hans-Holger has successfully created and executed a first-class business strategy which has produced a combination of growth and innovation, completed a successful merger in Colombia and leaves an effective leadership team to manage the business. I know the strong momentum for driving the current strategy and focusing on financial performance will continue."

Hans-Holger Albrecht commented: "Leading Millicom through this phase of transformation has been a most exciting and rewarding experience. The company is now completely focused on delivering an exciting portfolio of digital services to over 50 million customers on two continents."