O2 chief throws in the towel

After six years at the helm, O2 CEO, Peter Erskine, has announced that he is to step down from his bigwig position in the Spanish company, Telifonica.

The current CEO of O2 UK, Matthew Key, will take over Erskine’s position early in Q1 of 2008. Peter will retain his position on the Board of Telefónica, moving to the role of Non-Executive Director from 1 February 2008. The newest CEO of O2 UK has yet to be announced and a statement is to be expected in the coming weeks.

Since acquiring the position in 2001, Erskine managed to put an £18bn price tag on the company and earned himself a cool £12m in the process. Enjoy your millions, Peter. We’ll miss your sales pitches the most.