Millicom CEO Hans-Holger Albrecht has decided to step down.
Tim Pennington, chief financial officer, will be the interim CEO. The board will be looking for a new CEO.
Tim will work with the members of the Executive Committee and Board of Directors to continue its key strategic initiatives and priorities for 2015.
During the tenure of Albrecht, who became president and CEO of Millicom in November 2012, he played a key role in developing and executing Millicom’s strategy to transform it from a pure telecommunications company to its current Digital Lifestyle proposition for Tigo customers in Latin America and Africa.
Millicom, headquartered in Luxembourg, generated revenue of $5.16 billion and EBITDA of $1.9 billion in 2013. The company has over 50 million customers in two continents.
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