Reuters: CEO of Finland’s DNA to Step Down After Failed M&A Talks

(Reuters) – Finnish phone operator DNA said on Friday its chief executive would step down, a month after an aborted attempt to sell the company.

It was not clear whether the departure was voluntary, but the company’s board said it agreed with CEO Riitta Tiuraniemi that she would resign. The board has begun looking for a new CEO and plans to appoint one by the end of the year, it added.

DNA’s owners, former local phone carriers including the Finda Group, had been looking to sell their stakes in DNA which has struggled to cope with rising costs and falling revenue from voice calls.

In July, the owners dropped plans to sell the company after failing to get a satisfactory bid from private equity investors.