Former MTG boss steps down from Millicom to ‘return to media’

Hans-Holger Albrecht

Hans-Holger Albrecht

Former MTG boss Hans-Holger Albrecht is stepping down from his current post as president and CEO of Latin America and Africa-focused telco and media company Millicom.

Albrecht, who joined Millicom in November 2012 after 12 years at the helm of Modern Times Group (MTG), said that he now plans to develop “a number of entrepreneurial projects and return to the media sector where there are a number of exciting new trends.”

Millicom’s chief financial officer, Tim Pennington, will take over as interim CEO until a permanent successor has been appointed, with the firm having already begun searching for Albrecht’s replacement.

A committee that includes chairman Cristina Stenbeck and directors Dame Amelia Fawcett and Paul Donovan to select the new CEO – with the help of executive search firm Egon Zehnder.

“The board of directors would like to thank Hans-Holger for his significant contribution to Millicom over the last two years. In a short period of time, 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,” said Stenbeck.

During his time in charge at Millicom, Albrecht is credited with helping to transform the company from a pure telecommunications company to a digital lifestyle proposition for Tigo customers in Latin America and Africa.

Millicom operates in fourteen countries where it primarily uses the Tigo brand. It claims to provide mobile, cable, broadband, TV content, online and financial services to over 50 million customers.