An official statement from the company said that the decision was made due to changes in the company’s supervisory board, and made by Degenhardt himself. Tele Columbus added that it will look to appoint a successor “in due course”.
Degenhardt was first appointed to the company’s board in September 2017, and assumed the role of CEO in January 2018. He joined the company earlier in 2017 from Swiss telco Sunrise, which recently failed to acquire Liberty Global’s UPC Switzerland business.
The CEO’s decision follows a quarter in which revenues dropped down by 3.5% and EBITDA rise by 10.5%.
The company said that the revenue decline was mainly driven by a 16% year on year decline in ‘other sales’ including construction work. Positively, Internet and Telephony revenues increased by 5.8% year on year to €36.6 million. However, TV revenues decreased by 4.8% year on year to €59.2 million as a result of RGU losses in a structurally challenging market.
Speaking on Degenhardt’s resignation, the company’s chairman Volker Ruloff said: “I would like to thank Timm for his great effort and his tireless commitment. He initiated and drove the turnaround over the past two and a half years. We wish him all the best for his future.”
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