PARIS-Gerhard Schmid, the embattled chief executive of Germany’s MobilCom, stepped down on Friday, potentially paving the way for France Telecom to launch a takeover of MobilCom. Chief Financial Officer Thorsten Grenz was named the successor.
The French operator now must come to an agreement with creditors and vendors regarding the German company’s outstanding loans and a purchase price for Schmid’s shares. France Telecom wants to avoid adding MobilCom’s debt to its already high debt load.
France Telecom owns 28.5 percent of the German operator, which holds a third-generation license in Germany. Schmid owns 36 percent of MobilCom. The two groups have openly disagreed on MobilCom’s 3G buildout and business plans, and France Telecom pulled its cooperation agreement with the company last week after it was discovered a company owned by Schmid’s wife borrowed money from MobilCom.
