Deutsche Telekom CEO René Obermann's request for termination of his contract has been approved by the company's board, according to a statement released on its website.
As of Dec. 31, 2013, Obermann will no longer serve as CEO and CFO Timotheus Höttges has been tapped to take his place.
In the statement, Obermann said of Höttges, “As far as I am concerned, he is the best choice to succeed me. I can not think of anyone better suited to continue the developments of the last few years."
Höttges has been at Deutsche Telekom since 2000, initially serving as CFO of the company’s German mobile subsidiary before eventually moving into his current position in 2009.
This marks the end of Obermann's 16 years with the company, with 11 spent on the board and seven as CEO. He added a bit about his future plans: “I want to go back to having more time for customers, for product development and for technology.”
The news comes as T-Mobile's deal to acquire MetroPCS continues to lurch forward.