December 18, 2017 / 4:50 PM / a year ago

UPDATE 1-O2 Czech Republic's CEO resigns, to be replaced by chief commercial officer

(Adds further company comment, new CEO details)

PRAGUE, Dec 18 (Reuters) - Telecom company O2 Czech Republic’s Chief Executive Tomas Budnik, who oversaw a restructuring of the group, has resigned.

The company, in a statement, said Budnik’s departure was “a personal decision” and was accepted by the board on Monday. He will be replaced by the group’s chief commercial officer, Jindrich Fremuth, as of Jan. 1.

Budnik took the helm of O2 in 2014 shortly after PPF, the investment group of Petr Kellner, the Czech Republic’s richest person, acquired a majority stake in the firm.

O2 has since restructured, including hiving off its infrastructure business into a new firm in 2015.

The company has introduced new services, aiming to offset the cost of new European Union roaming regulations, and reported a higher-than-expected third-quarter net profit on improved revenue from mobile data and other services.

Fremuth joined O2 in 2009 and has been part of its top management team for the last four years, heading its commercial division which is responsible for around 90 percent of revenue. ($1 = 21.7740 Czech crowns) (Reporting by Jason Hovet; Editing by Susan Fenton)

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