Deutsche Telekom chief gets booed by shareholders

At least his bank manager still likes him

At least his bank manager still likes him

Ron Sommer, the chief executive of German telco giant Deutsche Telekom, came under fire from his own shareholders yesterday after announcing that he and his fellow board members enjoyed a 90 per cent increase in their remuneration packages last year. The news follows hot on the heels of an announcement that the company expects to lose E6.7bn this year, almost double the figure for 2001. Since last year's annual shareholders' meeting, its share price has more than halved. One shareholders' representative is quoted by the FT as saying: "This is a slap in the face for every [Telekom] shareholder. He who orders caviar in times of cholera can't expect any sympathy."