Mobile network provider Millicom International, also known as Tigo, has announced that its president and chief executive office, Mikael Grahne, is to step down end of October.

The global telecommunications firm has operations in 13 countries in Latin America and Africa, with a combined total of 270 million customers. Tigo, for example, is present in African markets such as Ghana and Rwanda.

Hans-Holger Albrecht, currently the president and chief executive of entertainment broadcasting group Modern Times Group, is planned to replace Grahne.

Albrecht has also been a member of the Millicom board of directors since May 2010 and will step down from this role with immediate effect, says Millicom in a statement.

Grahne served as Millicom's president and chief executive since March 2009. He joined Millicom in February 2002 as Chief Operating Officer.

"Together, we have built a high growth, consumer focused and value generative business around our mobile products and services. It has been a fantastic journey, and I am confident that it will continue successfully into the future under Hans-Holger's leadership," said Grahne in a statement.