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Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ

ATHENS -(Dow Jones)- Greek telecom incumbent Hellenic Telecommunications Organization SA (OTE) said Wednesday that its embattled chief executive officer, Panagis Vourloumis, will maintain his position despite facing prosecution for alleged corruption. Vourloumis will face criminal prosecution on accusations of corrupt practices over maintenance network contract extended to telecom equipment makers Siemens AG (SI), Anko and Greece's Intracom Holdings SA (INTRK.AT), which allegedly damaged the company and public finances. OTE recently released a statement saying that all of its executives acted in the best interests of the company. The Greek state has an 20% stake in Hellenic Telecoms and Deutsche Telekom AG (DT) has a 30% holding. Both the German giant and the government appoint the firm's management. At Wednesday's directors' meeting, five old members of the board submitted their resignation and were promptly replaced. The new members' tenure is until the general assembly of shareholders in 2012. -By Nick Skrekas of Dow Jones Newswires, +30 210 2830685;

Stock News for Hellenic Telecommunications (OTE)
09/02/201009:46:38Telekom Austria:No Interest In Minority Stake Of Telekom Srbija
08/05/201004:00:18OTE Swings to Net Loss Hit By Greek Economy And Taxes
06/23/201009:56:17Hellenic Telecoms Keeps Embattled CEO Vourloumis In Situ
06/15/201009:34:10Greece, China Sign New Commercial Contracts; MOU On Shipping
06/11/201008:10:28Hellenic Telecoms CEO To Face Criminal Prosecution - Source
06/07/201005:13:35Greece's OTE Lowers 2009 Dividend As Part Of Cost-Cutting
05/12/201001:45:57Deutsche Telekom Swings To Net Profit, Sales Slightly Lower
04/26/201005:57:08EARNINGS PREVIEW: European Telcos' Mobile Revenue To Improve
03/17/201009:33:51Deutsche Telekom Expands Services To Tap New Revenue Streams
11/05/200912:50:12Deutsche Tel, Telcom Italia Beat Views But Weak Points Remain
11/05/200903:26:06Deutsche Telekom 3Q Net Profit Up 7.2% On Cost Savings
11/05/200901:44:05Deutsche Telekom 3Q Net Profit Up 7.2%, Keeps 2009 View
11/03/200907:38:07EARNINGS PREVIEW: OTE 3Q Net Profit Seen -21%
10/23/200908:00:03EARNINGS PREVIEW: European Telcos 3Q Mixed; Pressure On Revenue

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