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Favorite Deutsche Post CEO becomes Telekom chairman – sources

BERLIN (Reuters) – Frank Appel, chief executive officer of German logistics company Deutsche Post, is the favorite to become Deutsche Telekom’s next supervisory board chairman, two sources close to Reuters told Reuters.

Sources say Deutsche Post’s supervisory board will meet on Wednesday and Deutsche Telekom’s board of directors will meet a week later to discuss the matter.

Both companies declined to comment.

Handelsblatt newspaper reported on Saturday that Appel is likely to be proposed to run for office at Deutsche Telekom’s annual meeting on April 7.

The term of Telekom chairman Ulrich Lehner, who has headed the Telekom watchdog since 2008, will end at next year’s shareholder meeting. He has confirmed that an external search for a successor is underway.

Appel’s predecessor at Deutsche Post, Klaus Zumwinkel, also served as chairman of Telekom’s supervisory board.

The German government holds shares in both companies.

Appel, a former McKinsey advisor, has been with Deutsche Post since 2000. In 2002, he became a member of the board and in 2008 he moved to the position of CEO.

His contract runs until 2022 and a decision on his future at the Post is expected soon. Some in the industry have speculated that Appel may be ready to move on as Deutsche Post has posted record pandemic results.

(Reporting by Matthias Inverardi and Nadine Schimroszik; Writing by Emma Thomasson; editing by David Evans)

https://whbl.com/2021/12/05/deutsche-post-ceo-favourite-to-become-telekom-chairman-sources/ Favorite Deutsche Post CEO becomes Telekom chairman – sources

JACLYN DIAZ

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