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- Release Date: 10/05/12 10:30
- Summary: OFFICE: TEL: Telecom confirms Paul Reynolds leaving date
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TEL
10/05/2012 08:30
OFFICE
REL: 0830 HRS Telecom Corporation of New Zealand Limited
OFFICE: TEL: Telecom confirms Paul Reynolds leaving date
MEDIA RELEASE
10 May 2012
Telecom confirms Paul Reynolds leaving date
Telecom has today confirmed CEO Paul Reynolds' leaving date as 30 June 2012,
the end of Telecom's financial year.
Dr Reynolds will be replaced as Telecom CEO by Simon Moutter, who will start
on 1 September 2012.
"I would like to thank Paul for his leadership of Telecom during a period of
unprecedented change," said Mark Verbiest, Telecom Chairman.
"He has led the company through two radical revisions of the regulatory
environment as well as the successful demerger and creation of Chorus as a
completely independent company."
"During Paul's tenure we have also seen significant investment in mobile and
broadband, as well as improvements in customer service across the board. As
such, Paul leaves the company in a strong position for Simon to continue this
momentum as it adapts to its new operating environment."
Paul Reynolds said he was proud to leave Telecom in a healthy state.
"Telecom has successfully navigated the enormous challenges of the past five
years and looks forward to great opportunities ahead as New Zealand moves
into a world-first industry structure of open access-fibre networks. Telecom
is now subject to significantly less regulation which enables the company to
focus on delivering for its customers. Shareholders have seen strong
benefits and I have no doubt that Telecom will continue to progress and
improve," he said.
"I leave Telecom with real gratitude at being given the opportunity to
negotiate a reset of Telecom's place in New Zealand and to work with the
enormously talented and committed team of people in the company," he said.
Chris Quin has been named as acting CEO of Telecom from 1 June until Mr
Moutter commences. Paul will remain at Telecom supporting Chris during June.
"Chris has shown he is a passionate advocate for our customers, and he is the
right person to keep driving Telecom's focus on customers in the interim,"
said Mark Verbiest. "I appreciate Chris agreeing to step in during this
period of transition."
ENDS
For media enquiries:
Ian Bonnar
Head of Corporate Communications
+64 (0)27 215 7564
For investor enquiries:
Stefan Knight
Head of Investor Relations
+64 (0)27 252 9438
End CA:00222691 For:TEL Type:OFFICE Time:2012-05-10 08:30:03
