MD resigns from NBN Co construction partner

A new managing director is being sought for Service Stream

Service Stream’s managing director, Graeme Sumner, will step down from the company by the end of this month.

Service Stream is a key construction partner in the National Broadband Network (NBN) and has signed contracts worth hundreds of millions of dollars with Telstra and NBN Co for NBN work.

Brett Gallagher, non-executive board member at Service Stream, will step into the executive director’s role on an interim basis while a replacement is sought.

Bob Grant, chief financial officer, has been appointed alternate director to Gallagher.

“I believe that I have made some real inroads into improving the business over the past four years and am leaving the company well positioned in each of its major markets and with a solid outlook for FY14,” Sumner said in an ASX statement.

“I have achieved what I was brought on board to do and the time has come for me to move onto other challenges.”

Service Stream contracts for the NBN include a contract worth up to $420 million with Telstra for remediation of the telco’s pit and pipe infrastructure in connection with the NBN.

Contracts with NBN Co include a contract worth up to $64 million to install and activate NBN equipment in premises in Victoria, Western Australia, the Northern Territory and South Australia.

Service Stream is also a joint venture partner with Lend Lease in Syntheo, which was responsible for rolling out the NBN in the Northern Territory, Western Australia and South Australia.

Construction of the NBN in the Northern Territory was recently handed back to NBN Co due to construction delays from Syntheo.

NBN Co recently downgraded its June premises passed target from 341,000 to between 190,000 and 220,000 premises due to the construction delays.

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