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Telecom lures ad guru Kevin Roberts to board

Thursday 28th August 2008

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Telecom Corp., whose shares sunk to a 15-year low this month, named Saatchi and Saatchi worldwide head Kevin Roberts as a director.

Roberts replaces Patsy Reddy, who will retire at this year's annual meeting after 10 years on the board.

Telecom this month reported a drop in annual earnings and forecast profit will sink again this year. The company is grappling with increased costs to comply with government regulation in a slowing economy with more competition from rivals such as Vodafone Group Plc.

"It's important our board attracts and retains people with a mix of skills appropriate to a company in transformation," chairman Wayne Boyd said in a statement. Roberts brings "essential marketing, branding and customer satisfaction expertise."

Telecom traded at NZ$3.24 yesterday and has tumbled 26% this year.

By Jonathan Underhill

  General Finance Advertising    

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