Deutsche Telekom CEO Reportedly Quits

Updated from 11:29 a.m. EST

Deutsche Telekom(DT Quote - Cramer on DT - Stock Picks) CEO Kai-Uwe Ricke resigned from the European telcommunications giant and T-Mobile parent Sunday, according to a media report.

The embattled executive will be replaced by Rene Obermann, who currently heads Deutsche Telekom's wireless phone division, according to the report on The Wall Street Journal's Web site, which cited people familiar with the matter.

Ricke has been under pressure since the company lowered profit and revenue forecasts in August. Major shareholders, including the German government and the Blackstone Group, wanted him to resign, according to the report.

Key members of Deutsche's supervisory board, the German equivalent of a corporate board, met late Sunday, and Ricke submitted his resignation to them, the report said.

Ricke declined to comment Sunday, as did spokespersons for Blackstone, Deutsche Telekom and Obermann, according to the report.

Deutsche Telekom shares lost 32 cents to close at $16.92 in New York Friday.