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T-Online boss quits
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August 25, 2000: 10:16 a.m. ET
CEO of Europe's biggest Internet firm quits abruptly, cites 'personal reasons'
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LONDON (CNNfn) - The chief executive of T-Online International AG unexpectedly resigned Friday, cutting short a revival in the shares of Europe's largest Internet access provider, which slumped almost back to their initial public offering price.
Wolfgang Keuntje stepped down from his position at the German company with immediate effect, citing "personal reasons". Detlev Buchal, a board member at parent Deutsche Telekom AG will replace Keuntje on an interim basis as acting head of T-Online.
The news stunned investors, who sent the company's shares down 9.6 percent from Friday morning's peak to  28.50. The shares had earlier been riding high with a gain of 8 percent from the previous close. T-Online stock (ATOI), had reached a peak of 48 in May, after coming to the market via an IPO at 27, valuing the company at 30 billion ($27 billion).
Keuntje had headed T-Online and its predecessor company since 1996, turning the firm into Europe's largest Internet firm, with more than 6 million subscribers, and successfully steering it through Europe's largest Internet IPO in April.
Analysts were unimpressed with the announcement. Peter Misek at Chase H&Q told CNNfn.com: "He (Keuntje) was the core person there, he really built this thing up from scratch."
The timing of the announcement also rankled, coming late in the afternoon in Germany and just a few days before T-Online is set to unveil its first half-year earnings report as a separately-listed company next week. Deutsche Telekom (FDTE) retains 90 percent of the company. 
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