Albrecht to step down as Millicom CEO

Hans-Holger Albrecht, the president and CEO of Millicom is to stand down from his position at the end of the year.

The company’s board of directors will now embark on a search for a replacement with a committee including chairman Cristina Stenbeck and two company directors formed for the task.

Tim Pennington, the company’s CFO, is to be interim CEO and will work closely with members of the board to ensure key strategic initiatives and priorities for 2015 continue to be executed.

Albrecht became CEO on November 1, 2012 and worked to transform Millicom from purely a telecoms company to one offering a broader range of ‘digital lifestyle’ services for customers of its Tigo brand in Latin America and Africa.

The operator group — which has more than 50 million subscribers across 14 countries — aims to generate US$9 billion in sales by 2017, driven by growth in digital services, such as mobile data, broadband, pay-TV and mobile banking. It generated revenue of US$5.16 billion in 2013.