CNU
19/03/2015 08:42
DIRECTOR
NOT PRICE SENSITIVE
REL: 0842 HRS Chorus Limited (NS)
DIRECTOR: CNU: Chorus Chair to step down
STOCK EXCHANGE ANNOUNCEMENT
19 March 2015
Chorus Chair to step down
Chorus Chairman, Sue Sheldon announced today that she is to step down from
the Chorus Board on 31 March.
"Since taking the role of Chair on demerger, the company has been faced with
many significant challenges which it has met head on. I am proud that we as a
company have risen to the serious challenges and largely overcome them. Over
the past three years the Board has:
- Established Chorus as a listed entity;
- Guided the company through a series of regulatory shocks that required a
fundamental review of its business model and operations;
- Re shaped the business, including its cost base and capital structure,
enabling it to continue to deliver on its obligations to the Crown; and
- Positioned the company to thrive as it moves into the next phase, including
Chorus being the second top performing stock on the NZX during 2014."
"The company is now in a much stronger position and is delivering on its
commitments to its customers and New Zealand end users. As we have signalled
at our half year results, the Board will consider reinstating dividends to
investors once the final piece of the regulatory puzzle has been completed
and can do so knowing that Chorus is in a sound position and in good heart."
"The telecommunications sector has been transformed over the past 5 years and
it has been both rewarding and challenging to be in a leadership role at the
heart of that process. I believe the industry is now in a strong structural
position to deliver to consumers and investors alike. So it is with a great
sense of satisfaction that I look forward to meeting other challenges outside
of the telecommunications sector.
I would like to thank Mark Ratcliffe and his management team for their
dedication, outstanding support to the Board, and exceptional hard work since
demerger".
Sue Sheldon was a Director of Telecom (now Spark) and was appointed Chairman
of Chorus by the Telecom Board in August 2011. Sue is also Chairman of
Freightways and Paymark, an independent director of Contact Energy and Vice
Chair of Global Women.
Chorus announces that Jon Hartley has been appointed as interim Chairman.
ENDS
For further information:
Ian Bonnar
Corporate Affairs Manager
Mobile: +64 (27) 215 7564
Email: [email protected]
Brett Jackson
Investor Relations Manager
Mobile: +64 (27) 488 7808
Email: [email protected]
End CA:00262042 For:CNU Type:DIRECTOR Time:2015-03-19 08:42:23
