Reynolds to leave Telecom next year

Wednesday 31st August 2011

Telecom chief executive Paul Reynolds is planning to leave the company next year, after the proposed demerger of networks unit Chorus and the establishment of a new Telecom.

"I am excited by the challenge of completing the establishment of a new industry structure that is unprecedented in the telecommunications world, and leading Telecom into this new and important era," Reynolds said today.

"As that process draws to an end during 2012 it will bring to a natural conclusion the transformation programme the board hired me to lead and, after five years in the role, it will be a good time to hand over to a new CEO."

Telecom said it was expected that the board of the new Telecom would begin a search process during 2012 to identify Reynolds' replacement, to lead the company during financial year 2012/13 and beyond.

An announcement was being made now about Reynolds' future in order to make intentions about leadership tenure clear for the upcoming stakeholder briefings, which will lead up to a shareholder vote on the proposed demerger of Chorus.

Telecom today also named the members proposed for the new Chorus board, following the earlier announcement that Telecom board member Sue Sheldon was the chair-designate of new Chorus.

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