OFFICE: TEL: Telecom announces resignation of Russ Houlden

18 May 2010 2:10 pm

TEL 18/05/2010 OFFICE

REL: 1410 HRS Telecom Corporation of New Zealand Limited (NS)

OFFICE: TEL: Telecom announces resignation of Russ Houlden

MEDIA STATEMENT

18 May, 2010

TELECOM ANNOUNCES RESIGNATION OF RUSS HOULDEN Telecom New Zealand today announced that chief financial officer, Russ Houlden, has resigned to become CFO of a FTSE 100 company. This role enables Russ to return to the United Kingdom where his family reside and where his children continue their education.

"Russ has done an outstanding job in his two years at Telecom, during a period of profound change and significant challenges for our company," said CEO Paul Reynolds.

"Russ has brought great rigour, discipline and insight to our financial planning processes as the company's transformation gathered pace.

"He worked tirelessly to develop and foster a strong financial leadership team around him. The depth and capabilities of this team has grown significantly under Russ' leadership.

"I respect the choice Russ has made to return home and be with his family while taking up a challenging new career opportunity, and I wish him all the best," said Dr Reynolds.

"I am proud of what Telecom has achieved since 2008, including faster broadband, and market leadership in ICT. Importantly, our financial results to date have met market guidance. I wish Paul and the whole Telecom team every success in the future," Russ Houlden said.

"While Russ' departure date is not yet finalised, Russ has committed himself fully to Telecom until his successor is in place," Dr Reynolds said. - ends -

Contact: Mark Watts, Telecom Media Relations, 027 250 4018 End CA:00195016 For:TEL Type:OFFICE Time:2010-05-18:14:10:20

More announcements for TEL