Telecom NZ begins hunt for new CEO

Telecom New Zealand (ASX:TEL) has kicked off the search for a new chief executive to replace the telco's outgoing head, Paul Reynolds.

Reynolds will hand over the role to the new CEO by the start of the 2012-13 financial year, following the structural separation of Telecom NZ and its Chorus business arm. Reynolds leaves the company after joining in 2007 from UK-based telecommunications company BT Wholesale.

The current chief confirmed his resignation from the company in August this year and would not disclose what his new role would be.

“The Board understands the importance of moving rapidly to recruit a new CEO to lead the business forward in a post demerger environment, and to that end has already commenced the CEO recruitment process,” Telecom NZ chairman, Mark Verbiest said in a statement.

“We will consider all internal and external candidates.

“The board is committed to building on the momentum already generated as Telecom simplifies its business in order to deliver both improved service to customers and good returns to our investors.”

The New Zealand Government approved the demerger in August, under which Chorus would become the major provider of fixed-line telecommunications to retail service providers, including Telecom, and enable its participation in the country’s Ultra-Fast Broadband (UFB) initiative. The project is New Zealand’s equivalent to Australia’s National Broadband Network (NBN).

Shareholders also approved the split in October, with 99.8 per cent of votes in favour of the separation under which Chorus will supply and operate about 70 per cent of the network’s coverage, along with Enable Networks, Northpower Limited and Ultrafast Fibre Limited which will cover the remaining 30 per cent by 2019.

The newly demerged company also confirmed the appointment of a new chairman and board which came into effect on 1 December. As previously announced, Sue Sheldon took on the role of chairman, joined by the new board members, and Andy Carroll filled the role of chief financial officer.

Telecom was finally selected to take part in the project after months of negotiations with the company charged with overseeing the rollout, Crown Fibre Holdings.

Follow Chloe Herrick on Twitter: @chloe_CW

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