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Telecom cuts senior executive team, puts in UFB bid

Monday 18th April 2011 2 Comments

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Telecom Corp of New Zealand has put in its binding bid to be the Crown's partner in the 25 regions remaining for its ultrafast broadband (UFB) initiative and is cutting the size of its senior management team.

Telecom has said it will separate its network arm, Chorus, to win the UFB role but today it outlined a restructuring of senior management roles that goes ahead no matter what the Government decides.

The team that sits at the top table with chief executive Paul Reynolds will be reduced from 10 to eight.

Acting chief executive of wholesale Nick Clarke leaves the top table but will continue to report directly to Dr Reynolds. Five corporate centre executives - finance, HR, strategy, legal and corporate relations - will reduce to three roles.

A new executive role of chief product officer is tasked with improving product and pricing activity across the company, and teams from a range of divisions will move into this new business unit.

Mark Ratcliffe, who has led Telecom's UFB bid team, will resume his role as chief executive of the Chorus business unit, while retaining the lead on UFB matters with the Crown.

Telecom said it had provided a binding offer to Crown Fibre Holdings in respect of the Crown's UFB initiative.

"Of course, we are engaged in an intensely competitive process with other bidders and the Crown must decide, so we retain a degree of caution. However, the Telecom board is satisfied that we have submitted the best possible bid terms on behalf of our shareholders," Reynolds said.

Telecom awaited the Crown's decision with interest, he said.

 

NZPA



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Comments from our readers

On 18 April 2011 at 5:55 pm Brendan Swift said:
About time that Telecom started taking responsibility for its' actions. As a public company, it is appallingly run (just look at the fiasco with Tivo. Who thought that one up? I bet the person(s) responsible were not sacked, but they clearly had no commercial knowledge at all). If I were a shareholder in Telecom (and believe me, I am not), I would be looking for some accountability. It is bad enough that the CEO earns in excess of $7m, and has not been able to turn the company around. Ms Gattung was incompetent enough, but clearly this CEO is no better. Putting senior executives jobs on the line might make them think long and hard as to whether they should be there or not. Same goes for the directors. At the end of the day, the one thing these people have forgotten, they work for the shareholders. Probably news to them, but they need to take a reality check.
On 19 April 2011 at 8:51 am Martin said:
Only 2? It's a start. Do they 'go' or shuffle? Telecom's costs are still too high for what is (or should be) a lean, competitive Telco.
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