Swisscom has named Carsten Schloter as its new chief executive with immediate effect to replace Jens Alder.
Swisscom said today Mr Alder would leave immediately and that the company would embark on a sweeping strategic review, both moves widely expected following a surprise government clampdown on Mr Alder's foreign expansion plans last year.
The government has said it is preparing the groundwork for total privatisation of the former state monopoly, but in the meantime the company has said it wants a clear idea of government expectations for its strategy.
"Swisscom takes a positive view of any sale of the federal majority holding in Swisscom. . . . Nevertheless, it expects rapid clarification of the political question," the former telecoms monopoly said.
In December, the Swiss government approved a new four-year strategy for Swisscom after blocking it from all acquisitions abroad in a shock move that derailed a planned takeover of Eircom.
Swisscom said it should have the liberty to expand into foreign markets by acquiring stakes or forging alliances - an implicit appeal to the Swiss government, which said last year it should not take business risks with taxpayer's money.
In an apparent response to government pressure to return surplus cash to shareholders instead of spending it on acquisitions, Swisscom said it would pay out 1.5 billion Swiss francs (€965 billion) to shareholders.
Swisscom shares were up 1 percent at 398.40 francs this morning, compared with a gain of 0.2 per cent by the benchmark index .