T-Mobile US boss set to leave post early, Handelsblatt newspaper reports
FRANKFURT :The head of T-Mobile U.S., the fast-growing and profitable subsidiary of Germany's Deutsche Telekom, is due to step aside before the end of his current contract, German newspaper Handelsblatt reported on Monday.
Deutsche Telekom did not immediately respond to a request for comment on the report.
Handelsblatt reported Mike Sievert, who has headed the mobile operator since 2020, wanted to take a break and that Chief Operating Officer Srini Gopalan, until recently head of Deutsche Telekom's Germany business, was a leading candidate to succeed him.
The chief executive would step down this year or next, the newspaper added.
Previously facing troubles, T-Mobile has become a revenue and profit driver in recent years. Thanks to strong figures from the U.S. mobile operator, Deutsche Telekom has raised its earnings targets several times.
T-Mobile U.S. customer growth fell short of expectations at the beginning of the year due to an intensified price war. The subsidiary nonetheless aims to win 5.5 to 6 million new users by 2025.
Sievert, who joined T-Mobile as marketing head in 2012, had been due to remain in post until 2028.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
an hour ago
- CNA
Treasury chief returns to US as China trade talks ongoing
LONDON: US Treasury Secretary Scott Bessent on Tuesday (Jun 10) described closely watched trade talks with Chinese officials as productive, as scheduling conflicts prompted his departure from London with negotiations ongoing. Top officials from the world's two biggest economies held a second day of trade talks Tuesday at the UK's historic Lancaster House, with meetings stretching into the night. All eyes are on the outcomes as both sides try to overcome an impasse over export restrictions, with US officials earlier accusing Beijing of slow-walking approvals for shipments of rare earths. Bessent left the meetings early to return to Washington for testimony before Congress, a US official told AFP. But US Commerce Secretary Howard Lutnick and trade envoy Jamieson Greer, who were also part of the delegation, would further talks as needed with Chinese counterparts, the official said. Earlier on Tuesday, Lutnick told Bloomberg Television that the negotiations were "going well". Global stock markets were on edge, although Wall Street's major indexes climbed on hopes for progress. With meetings dragging on, "the lack of positive headlines weighed on stocks," said Kathleen Brooks, research director at XTB trading platform. The London negotiations follow talks in Geneva last month, which saw a temporary agreement to lower tariffs. This time, China's exports of rare earth minerals - used in a range of things including smartphones, electric vehicle batteries and green technology - are expected to dominate the agenda. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. Even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett said. "MIRROR ARSENAL" Both countries "have developed almost a mirror arsenal of trade and investment weapons that they can aim at each other," said Emily Benson, head of strategy at Minerva Technology Futures. As they tap economic tools to try and shift global power structures, she told AFP, it may not be reasonable to expect a typical trade and investment deal from talks. But both sides could find ways to level off a downward spiral. Tensions between Washington and Beijing have heightened since Trump took office in January, with the countries engaging in a tariffs war. The Geneva pact temporarily brought new US tariffs on Chinese goods down from 145 per cent to 30 per cent, and Chinese countermeasures from 125 per cent to 10 per cent. But Trump later said China had "totally violated" the deal. A dialing-down of temperatures could involve Chinese efforts to shore up some export control licenses caught in their system, Benson said. She noted Beijing appeared understaffed given the volume of requests. On the US side, this could look like a relaxation of certain export curbs in the high-tech domain, she added. But observers remain cautious. "We doubt that the US will back off completely. That's likely to restrain any relief rally," said Thomas Mathews, head analyst of Asia Pacific markets for Capital Economics. Since returning to office, Trump has slapped a 10 per cent levy on friend and foe, threatening steeper rates on dozens of economies. His tariffs have dented trade, with Beijing data showing Chinese exports to the United States plunged in May. The World Bank on Tuesday joined other international organisations to slash its 2025 global growth forecast amid trade uncertainty. Meanwhile, China is in talks with partners including Japan and South Korea to try to build a united front countering Trump's tariffs. Chinese Vice Premier He Lifeng is heading the team in London, which includes Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
CNA
5 hours ago
- CNA
US-China trade talks stretch into evening on second day
LONDON: A second day of high-level talks between the United States and China stretched into the evening on Tuesday (Jun 10), as officials gathered in London to defuse a bitter trade war that has been dragging on the global economy. Negotiators, who started meetings in the morning, held discussions during the day and took a break before an expected reconvening at 8.00pm local time, according to a US official. All eyes are on the outcomes of the talks as the world's two biggest economies try to overcome an impasse over export curbs and come to a longer-lasting truce in their tariff war. US Commerce Secretary Howard Lutnick earlier told Bloomberg Television that the talks were "going well", expecting them to last "all day". But global stock markets were on edge. With talks dragging on, "the lack of positive headlines weighed on stocks and the dollar," said Kathleen Brooks, research director at XTB trading platform. One of US President Donald Trump's top advisers said Monday that he expected "a big, strong handshake" after the meetings in the UK's historic Lancaster House. Trump told reporters at the White House on Monday: "We are doing well with China. China's not easy." The negotiations began on Monday in London, coming after an earlier round of talks in Geneva last month. This time, China's exports of rare earth minerals used in a wide range of things, including smartphones, electric vehicle batteries and green technology, are expected to dominate the agenda. "In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on Monday. Even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he added. "Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett said. This marked a signal that the Trump administration might be willing to ease some recent curbs if China rolled back rare earths restrictions as well. CONCESSIONS? Tensions between Washington and Beijing have heightened since Trump took office in January, with both countries engaging in a tariff war, hiking duties on each other's exports. The Geneva pact to cool temperatures temporarily brought new US tariffs on Chinese goods down from a staggering 145 per cent to 30 per cent, and Chinese countermeasures from 125 per cent to 10 per cent. But Trump recently said China had "totally violated" the deal. And analysts remain cautious. "We doubt that the US will back off completely. That's likely to restrain any relief rally," said Thomas Mathews, head analyst of Asia Pacific markets for Capital Economics. Ipek Ozkardeskaya, senior analyst at the Swissquote Bank, said although there had been "no breakthrough," it seemed "the first day of the second round of negotiations reportedly went relatively well". On what he dubbed "Liberation Day" in April, Trump unveiled sweeping levies of 10 per cent on friend and foe alike, and threatened steeper rates on dozens of economies. The tariffs have dented trade, with official figures from Beijing showing Chinese exports to the United States in May plunged by 12.7 per cent. China is also in talks with other trading partners - including Japan and South Korea - to try to build a united front to counter Trump's tariffs. Chinese leader Xi Jinping on Tuesday urged South Korea's new President Lee Jae-myung to work with Beijing to uphold free trade and ensure "the stability and smooth functioning of global and regional industrial and supply chains," Xinhua news agency said. Chinese Vice Premier He Lifeng is heading the team in London, which included Commerce Minister Wang Wentao and China International Trade Representative Li Chenggang.
CNA
8 hours ago
- CNA
EU unconditionally clears SES's $3.1 billion bid for Intelsat
BRUSSELS :The European Commission said on Tuesday it had unconditionally approved the proposed acquisition of Intelsat by SES, confirming a story Reuters exclusively reported earlier this month. The $3.1-billion bid made by the European satellite company for its rival will create a major European player to rival Elon Musk's Space X-owned Starlink. "The Commission concluded that the transaction would not raise competition concerns in the European Economic Area," EU's executive arm said in a statement. Together with other European satellite companies, Luxembourg-headquartered SES is looking for greater scale to compete more effectively with Starlink and Amazon's Project Kuiper.
