Millicom CEO Hans-Holger Albrecht has revealed that he will be stepping down from his position at the end of 2014. According to Albrecht, the reason for the move is due to the fact that he wants to develop a number of entrepreneurial projects as well as return to the media sector.
According to the Millicom board of directors, they have begun the proccess of finding a successor for Albrecht. CFO, Tim Pennington, will take on the role of interim CEO. Back in November 2012, Albrecht became president and CEO of Millicom.
According to the company, Pennington will ensure that key strategic initiatives and priorities for 2015 will continue to be executed.
Even though Albrecht will be stepping down, Millicom has revealed that Albrecht will remain available to assist Pennington during the transition period and will continue as senior adviser to the chairman of the board as new businesses are built and new products and services are launched.