Change in Management Board
Dr Daniel Ritz becomes new CEO of Tele Columbus AG
Berlin, 27 January 2020. Today, the Supervisory Board of Tele Columbus AG (ISIN: DE000TCAG172, WKN: TCAG17, “the Company”) appointed Dr Daniel Ritz as Chief Executive Officer (CEO) and Member of the Management Board effective per 01 February 2020. As announced on 16 December 2019, Timm Degenhardt decided not to prolong his contract which was scheduled to end on 31 August 2020. He will step down as CEO per 31 January 2020 and Member of the Management Board per 31 March 2020 to enable a smooth handover. With Eike Walters as Chief Financial Officer and Member of the Management Board since July 2018, continuity in the finance department will be ensured.
Dr Daniel Ritz is a very seasoned telecommunications executive with significant international experience and track record. Most recently, he was President & CEO of PTCL, the telecom incumbent in Pakistan. During this three-year tenure between 2016-2019, the company went through a successful turnaround which brought it back to revenue growth for the first time in several years. In addition, Dr Daniel Ritz was also the CEO of PTCL Group which includes a mobile operator and a microfinance bank. Prior to this, he was with Etisalat Group based in Abu Dhabi where he was Chief Strategy Officer and Member of the Group Executive Board from 2012 to 2016. Overseeing group-wide strategy, business development and mergers & acquisitions, he also played a key role in shaping and managing a broad portfolio of international subsidiaries across Africa, Middle East and Asia.
Before Etisalat, Dr Daniel Ritz was a member of Swisscom’s Executive Board from 2006 to 2012 where he held further non-executive board positions at national and international subsidiaries. In 2008-09, he was also Chief Executive Officer of Swisscom Central & Eastern Europe. Dr Daniel Ritz started his career in 1994 with The Boston Consulting Group, rising to Partner & Managing Director with a focus on TMT. Aged 53, he holds a Ph.D (magna cum laude) in Business Economics from the Hochschule St. Gallen in Switzerland. Commenting on his appointment, Dr Daniel Ritz states: “I am very excited to join Tele Columbus at this critical juncture and to lead the Company on its growth path. I am looking forward to working together with the entire Tele Columbus team to drive customer satisfaction, financial performance and shareholder value.”
Dr Volker Ruloff, Chairman of the Supervisory Board of Tele Columbus AG, states: “We are very happy to have won with Dr Daniel Ritz a highly qualified and experienced manager. With a strong background in strategy and transformation, Daniel is also truly familiar with the telecommunications sector in which he held several key management positions over the past 14 years. Together with him, we would like to continue on the embarked growth path for Tele Columbus. At the same time, we are very thankful for Timm’s 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.”
Timm Degenhardt was a Member of the Management Board since September 2017 and has served as CEO of Tele Columbus AG since January 2018. During his tenure, the Company successfully finalised the three-way merger between Tele Columbus, Pepcom and Primacom and initiated the operational turnaround. The focus on customer satisfaction paved the way for sustainable growth. “I am very happy with what we have achieved as a team since 2018. The Company is now on a sustainable path. I would like to thank all my colleagues for the great cooperation and their superb commitment and I wish Dr Ritz all the best for his new tasks”, highlights Timm Degenhardt.
A picture of Dr. Daniel Ritz can be downloaded here:
Tele Columbus AG is one of Germany’s leading fibre network operators which reaches more than 3 million homes. Via its brand PŸUR, the Company, offers high-speed internet including telephony and more than 250 TV channels. All of this via a digital entertainment platform that combines linear TV with video on demand entertainment. To its housing association partners the Tele Columbus Group offers tailored models of cooperation and state-of-the-art services such as telemetric and tenant portals. As a full-service partner for municipalities and regional utilities, the Company is actively supporting the fibre-based infrastructure and broadband internet expansion in Germany. For its business customers the Group offers carrier services and corporate solutions on its proprietary fibre network. Besides its headquarter in Berlin, the Company has locations in Hamburg, Leipzig, Ratingen and Unterföhring/Munich. Since January 2015, Tele Columbus AG is listed on the regulated market (Prime Standard) of the Frankfurt Stock exchange.
This release may contain forward-looking statements. These statements reflect the Company’s current knowledge and expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Such risks, uncertainties and assumptions may cause our actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. Accordingly, investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this document.
This release contains references to certain non-GAAP financial measures, such as Normalized EBITDA and Capex, and operating measures, such as RGUs, ARPU, and Unique Subscribers calculations. These non-GAAP financial and operating measures should not be viewed in isolation as alternatives to measures of the Company’s financial condition, results of operations or cash flows as presented in accordance with IFRS. The non-GAAP financial and operating measures used by the Company may differ from, and not be comparable to, similarly titled measures used by other companies.
All information contained in this release has been carefully prepared. However, no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith. The Company does not undertake any obligation to update or revise any information contained in this release, including forward-looking statements, whether as a result of new information, future events or otherwise.