Telecom NZ CEO to step down after demerger

News General New Zealand 31 AUG 2011
Telecom NZ CEO to step down after demerger
Telecom New Zealand has released further information on its demerger proposal, which will create two independent publicly listed companies: New Telecom and New Chorus. Telecom also confirmed that its chief executive officer, Paul Reynolds, will step down after the demerger. It is expected that the board of New Telecom will begin a search process during 2012 to identify a replacement. The company said that shareholders will receive one share in New Chorus for every five Telecom shares held. Telecom shareholders will also retain their shareholding in New Telecom. Further information will be issued in mid-September and subject to the necessary approvals, the demerger is expected to be completed around 30 November this year.

Categories:

General

Companies:

Spark New Zealand,  Chorus

Countries:

New Zealand

Tags:

Corporate

Related Articles

NEW ZEALAND 23 APR 2012

Telecom NZ names Moutter as CEO

Telecom New Zealand has appointed Simon Moutter to the role of chief executive officer and managing director, effective 1 September this year. Moutter is currently CEO of Auckland International Airport and has previously held senior roles at Telecom. Moutter will receive a base salary of NZD 1.35 million, and he will also be eligible to receive short- and long-term incentives.

NEW ZEALAND 1 DEC 2011

Telecom, Chorus officially demerged

Telecom New Zealand has has officially completed the separation of Chorus via a demerger, meaning that Chorus is now an entirely stand-alone company. Court approval for the split was given earlier this month after most of Telecom's shareholders were in favour of demerger. The separation enables Chorus to take part in the government's Ultra-Fast Broadband project.

NEW ZEALAND 26 OKT 2011

Telecom NZ shareholders approve structural separation plan

99.8 Percent of Telecom New Zealand shareholders have voted in favour of the company's structural separation plan. Subject to the receipt of final court orders, Telecom will now separate its fixed-line access infrastructure business, Chorus, to enable Chorus to take a leading role in the government's Ultra-fast Broadband (UFB) initiative. The demerger is expected to be completed by 30 November.

NEW ZEALAND 21 SEP 2011

Telecom improves proposal to bondholders for 'yes' vote

Following discussions with major stock holders, Telecom New Zealand has improved is offer to bond investors ahead of the vote on the company's demerger plans. The company has increased its payment on a 'yes' vote from 0.25 percent to 0.5 percent. Furthermore, Telecom increased the interest rate payable on the bonds by 0.50 percent per annum if the company's credit rating falls below BBB+ or Baa1 and by a further 0.50 percent if the credit rating falls further. A stockholder meeting to vote on the demerger p

NEW ZEALAND 13 SEP 2011

Telecom names post-demerger board chairman

Telecom New Zealand has announced the changes that will occur to its board if the proposed demerger is approved, including a new independent chairman. The information was released as part of the demerger scheme booklet published for shareholders who will vote on the issue on 26 October. Should the demerger proceed, professional director and former corporate lawyer Mark Verbiest will succeed Wayne Boyd as Telecom chairman from the date of the demerger. Boyd indicated last year that he would step down once t

NEW ZEALAND 29 AUG 2011

NZ govt approves Telecom's asset allocation plan

The New Zealand government has approved Telecom New Zealand's plan to split its assets after structural separation. The company's asset allocation plan identifies how assets and liabilities will be split during Telecom's proposed demerger and the key terms of all intended material sharing arrangements. Under the plan, New Chorus will get the fibre and copper networks, and OSS/BSS systems for managing wholesale customers. New Telecom's key assets will include the mobile network, service platforms for voice a

NEW ZEALAND 26 AUG 2011

Chorus announces executive team for demerged company

Telecom New Zealand's network business Chorus has announced appointments to the New Chorus executive team, in the event that shareholders approve the proposed demerger. While most of the appointments have been confirmed, the role of chief financial officer has not yet been filled. Brian Hall, who has been appointed as financial controller will act as CFO in the interim. Telecom has proposed to demerge New Chorus, which will be a nationwide fixed line access network infrastructure operator, into a stand alon

NEW ZEALAND 26 JUL 2011

Telecom NZ publishes structural separation details

Telecom New Zealand has published details on its structural separation. The company will separate its network business Chorus into a stand-alone business dubbed "New Chorus" via a demerger while the retail business is called "New Telecom". The separation will enable New Chorus to participate in the government's Ultra-fast Broadband (UFB) initiative. New Chorus will get the fibre and copper networks, and OSS/BSS systems for managing wholesale customers. New Telecom's key assets will include the mobile networ

NEW ZEALAND 19 JUL 2011

Telecom NZ names Ratcliffe CEO of Chorus after demerger

Telecom New Zealand has appointed Mark Ratcliffe as CEO of Chorus, in the event that shareholders approve the proposed demerger. Telecom has proposed to separate Chorus, its local access infrastructure business, into a stand alone listed company in order for it to participate in the government's Ultra-fast Broadband initiative. Ratcliffe is currently the CEO of Telecom's Chorus business unit. Telecom said that it aims to separate Chorus, via a demerger, by the end of 2011.

NEW ZEALAND 1 JUL 2011

Telecom NZ sees demerger complete by year-end

Telecom New Zealand said it expects to complete its structural separation by the end of 2011. The announcement follows a range of amendments to the Telecommunications Act taking effect in New Zealand on 1 July. The legislative changes are designed to enable several government policies, such as Ultra-fast Broadband (UFB), the Rural Broadband Initiative (RBI) and changes to the Telecommunications Service Obligations. In addition, the amendments provide the legal framework to facilitate the proposed demerger o

Just In

1 MEI 15:13

Zen Internet reports 52% increase in monthly Fibre Hub demand

1 MEI 15:05

Crown Castle completes sale of fibre, small cell businesses

1 MEI 14:39

Telus launches 21st annual Days of Giving volunteering campaign

1 MEI 14:32

VodafoneThree upgrades eliminate 16,500 sq km of mobile notspots

Commentary

20 APR 10:36

Netflix back to organic growth and doing just fine

11 FEB 12:29

Odido shareholders face tricky exit after abandoned IPO

2 FEB 13:49

KPN results show little bother from the competition

2 JAN 13:21

Open Dutch Fiber's new management team takes up turnaround challenge

Background

27 APR 14:33

Virgin Media O2: from coax to fibre and 80% coverage in 2028

26 APR 23:04

The week in telecoms: sovereign hopes take hold in Europe and Apple confirms new CEO

19 APR 23:04

The week in telecoms: SFR takover moves ahead, Amazon bags Globalstar and Netgear in favour in US

12 APR 23:28

The week in telecoms: Samsung profits soar, Netflix targets kids and telcos build defence vertical

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.