Telecom NZ CEO Announces Resignation

But Dr Paul Reynolds will lead Telecom through the demerging of Chorus

August 31, 2011

1 Min Read

AUCKLAND, New Zealand -- Telecom has confirmed today that its chief executive officer, Dr Paul Reynolds, has committed to lead Telecom through the process of demerging Chorus and the successful establishment of New Telecom as an independent company. This announcement is being made now in order to make intentions clear as regards leadership tenure for the forthcoming period of stakeholder briefings, which lead up to the shareholder vote on the proposed demerger of Chorus.

It is expected that the board of New Telecom will begin a search process during 2012 to identify Paul Reynolds' replacement, who will lead the company during financial year 2012/13 and beyond.

Telecom chairman, Wayne Boyd, said: "I have already indicated my intention to step down as chairman, assuming shareholder agreement to the demerger of Chorus, which is scheduled by the end of 2011.

Telecom New Zealand Ltd. (NYSE: NZT; New Zealand: TEL)

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