Telecom NZ CEO to quit following demerger

Dr Paul Reynolds will step down in 2012 after five years with the telco

Telecom NZ (ASX:TEL) has confirmed its chief executive officer, Dr Paul Reynolds, will leave the company next year following its demerger process and rebranding as New Telecom.

Under the separation, the telco’s network arm, Chorus, will become the major provider of fixed-line telecommunications to retail service providers, including New Telecom.

The demerger will also allow Chorus to participate under the New Zealand government’s Ultra-Fast Broadband (UFB) initiative.

Reynolds, who joined Telecom in 2007 from UK-telecommunications company, BT Wholesale, said he was excited by the challenge of completing the establishment of a new industry structure.

"As that process draws to an end during 2012, it will bring to a natural conclusion the transformation program the board hired me to lead and it will be a good time to hand over to a new CEO," he said.

"Meantime, I'm determined to ensure that Telecom's customers, our people and shareholders benefit from the demerger and UFB."

While Reynolds did not disclose where his new role will be, he said he would aim to retain "strong ties" with New Zealand.

The New Telecom board will begin searching for a new chief executive officer during 2012, with the new hire to be made by the financial 2012/13 year.

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