News
Former EE chief to take up new role in May as Swiss telco reports 4.8% decline in full-year revenue.
Former EE chief executive Olaf Swantee was named CEO of Swiss telco Sunrise on Thursday.
His appointment, which becomes effective on 9 May, was announced the same day that Sunrise reported its latest financial results.
"I’m very excited to be joining Sunrise, a company with bright and committed staff and customers who have high expectations of Sunrise’s future," said Swantee, in a statement. "The mobile network is very strong, something I am particularly passionate about. In addition, the company is already well known for its outstanding customer service."
Swantee, who stepped down from his job at EE after it was acquired by BT, replaces Libor Voncina, who has held the top job for the past three years and oversaw Sunrise’s IPO in February 2015.
"For us this is an ideal transition after the fantastic work done by Libor, who made the company fit again and floated it on the stock market," said Sunrise chairman Lorne Somerville, in a statement.
"Olaf Swantee is a successful leader who is Swiss, sensitive to the requirements and opportunities of our market and who has successfully managed telecommunications and mobile service operators in several European countries," he said.
Somerville, who became chairman following the death of former chairman Dominik Koechlin, will not seek re-election at Sunrise’s annual general meeting on 15 April.
He has nominated former UBS chairman Peter Kurer as his replacement.
Also on Thursday, Sunrise reported full-year revenue of 1.98 billion francs (€1.81 billion), down from CHF2.08 billion in 2014.
In the fourth quarter ended 31 December, revenue fell 7.7% year-on-year to CHF512 million, driven by the strengthening Swiss franc, roaming price changes, and declining prepaid and fixed voice revenues.
Full-year EBITDA fell to CHF616 million from CHF639 million.
Sunrise ended 2015 with 2.41 million mobile connections, down from 2.47 million at the end of 2014. Fixed broadband customers increased to 342,000 from 327,000.
