Deutsche Telekom AG (abbreviated DTAG, English: German Telecom) is a German telecommunications company headquartered in Bonn, North Rhine-Westphalia, Germany. It is the largest telecommunications company in Europe. Deutsche Telekom was formed in 1996 as the former state-owned monopoly Deutsche Bundespost was privatized. As of June 2008, the German government still holds a 15% stake in company stock directly, and another 17% through the government bank KfW. The former CEO Kai-Uwe Ricke was ousted by the board of the company because of slumping sales and the flight of customers to cheaper competitors. More than 1.5 million customers changed to rival companies during 2005 and 2006 and as a result, Deutsche Telekom laid off more than 30,000 workers. The new CEO was announced on November 12, 2006 after a long-night board session: Rene Obermann, the former CEO of T-Mobile International.
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