DIRECTOR: TEL: Wayne Boyd confirms commitment to Telecom

28 Jun 2010 9:55 am

TEL 28/06/2010 DIRECTOR

REL: 0955 HRS Telecom Corporation of New Zealand Limited (NS)

DIRECTOR: TEL: Wayne Boyd confirms commitment to Telecom

MEDIA RELEASE

28 June, 2010

Wayne Boyd confirms commitment to Telecom

Wayne Boyd, Chairman of Telecom New Zealand, has today confirmed his commitment to remaining in his role as Telecom's Chairman.

While Mr Boyd is planning on stepping aside from some of his other directorships, he has committed to Telecom until it has completed its transition through the changes in industry structure that are likely to be required by the Government's Ultra Fast Broadband (UFB) plans.

"I have reached the stage in my career where I can start looking forward to retirement," said Mr Boyd. "As such over the next few months I will be relinquishing several of my directorships. However, I want Telecom's shareholders to know that I remain committed to Telecom at this time of tumultuous change, and I commit to remaining at the helm as we navigate into the new industry structure, no matter what the outcome for Telecom."

Telecom has previously confirmed that it is fully investigating structural separation in order to participate in the Government's UFB initiative.

"UFB will fundamentally reshape the local telecommunications industry. Telecom has to choose between structural separation and participation in UFB on one hand or to compete with state-funded infrastructure on the other. We would prefer to work with the Government to ensure that New Zealand can make the most of existing and planned infrastructure investment. We will be flexible, innovative and open to any solution that will work for New Zealand, our shareholders and our customers.

"We are currently thoroughly investigating the consequences of the choice in front of us and much will depend on the future shape of the regulatory environment, the conditions surrounding the Government's UFB investment, and ultimately what's right for our shareholders," he said.

- ends -

For more information, please call: Ian Bonnar, Telecom media relations, +64 (0)27 215 7564 End CA:00196601 For:TEL Type:DIRECTOR Time:2010-06-28:09:55:20

More announcements for TEL