Deutsche Telekom Lines Up New Finance Chief as Buybacks, AI Push and Bernstein Downgrade Collide
Published on 09/27/2026 at 02:50 | Editorial boerse-global.de
Deutsche Telekom has mapped out a sweeping leadership reshuffle touching the two functions most central to its next phase: technology and finance. The Bonn-based carrier confirmed that Christian Illek, its long-serving finance chief, will step down on May 1, 2027 for age-related reasons, with Dhananjay Mirchandani taking over the CFO role on the same date.
The succession is the deepest change in a broader realignment. Mladen Mitic assumes the newly shaped post of Chief Product & Digital Officer on October 1, while Jan Hofmeyr becomes board member for Product & Technology on November 1, 2026. Together, the appointments redraw the group's leadership around digital services and the tighter embedding of modern technology across its operations.
Buyback Rolls On as T-Travel Takes Off
Capital returns have continued in parallel. In its sixth interim update on the current repurchase program, Deutsche Telekom said Monday it bought back 2,945,800 of its own shares between September 14 and September 18, all of them through the Xetra electronic trading system. Since the program began on August 10, the group has now repurchased more than 14 million shares, a steady drain of stock from the market aimed at returning surplus capital to shareholders and lifting earnings per share.
Beyond the core business, the company is testing fresh revenue streams. Its "T-Travel" platform sells mobile data packages via eSIM, bookable flexibly by holidaymakers and business travelers and usable independently of an existing mobile contract — a play for customers who need connectivity abroad.
Should investors sell immediately? Or is it worth buying Deutsche Telekom?
Bernstein Steps Back, Citing T-Mobile US and Broadband
Analysts, though, have turned more guarded on the medium-term story. Bernstein downgraded the stock from "Outperform" to "Market Perform" and cut its price target sharply, from EUR 37 to EUR 28.10. The broker pinned its caution chiefly on uncertainty surrounding a possible transaction involving subsidiary T-Mobile US; a neutral stance on the US unit tempers expectations for what has long been the group's growth engine. On the home turf, Bernstein also flagged intensifying competition in the fixed-line business, a potential drag on margins.
The reassessment landed at the end of a subdued week for shareholders. The shares closed Friday at EUR 27.09, up 0.5% on the day but still 21% below their 52-week high of EUR 34.35.
AI in the Call Center, HBO Max on MagentaTV
Management is pressing ahead with technology initiatives meant to protect profitability. Chief AI Officer Kartik Sheth has said conventional automated phone menus in customer service will be phased out in favor of artificial intelligence. On Tuesday, Warner Bros. Discovery's HBO Max streaming service was integrated directly into MagentaTV, part of an effort to deepen ties with TV subscribers.
Investors will get a fuller read on the operational momentum on November 5, 2026, when Deutsche Telekom reports third-quarter 2026 results. The groundwork looked solid in the prior period: organic revenue growth of 3.3% in the second quarter of 2026 prompted the group to raise its guidance for adjusted free cash flow, now expected at around EUR 20.0 billion for the full year.
An investor day on October 5 devoted to artificial intelligence should sharpen the picture further. Overshadowing the agenda, however, is the ownership question: media reports say activist investor Elliott Investment Management has built a stake in Deutsche Telekom, with the aim of heading off a full merger with T-Mobile US.
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