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Telecom chief financial officer Nick Olson has left the second-biggest company on the stock exchange to take control of the finances of Fletcher Building, the biggest company on the bourse.
Fletcher chief executive Mark Adamson said he was delighted Olson agreed to the join the company from April next year, replacing long-serving chief financial officer Bill Roest, who retires next year. Olson will serve out his three-month notice after 11 years with the telecommunications, the last two of which were as CFO.
"Nick has considerable experience in financial management and has proven abilities managing in complex and dynamic environments," Adamson said in a statement. "He will bring to the role fresh perspectives which will aid our strategic thinking and operational management processes, and I am looking forward to working with him."
Olson is the latest top executive to leave Telecom since Simon Moutter took over the reins as chief executive after Chorus was spun out by his predecessor Paul Reynolds.
The line-up includes group general counsel Tristan Gilbertson, head of Telecom retail Alan Gourdie, director of corporate relations Tina Symmans and her two PR offsiders, Mark Watts and Ian Bonnar, and group human resources director Jan O'Neill.
Fletcher's Roest leaves after almost four decades with the company, the last 11 years of which were as CFO when Fletcher Building was listed separately in 2001.
"I would like to wish Bill all the best for his retirement and I am grateful to him for agreeing to stay on into 2013 to allow for a smooth transition as Nick joins the company," Adamson said.
Shares in Telecom rose 4.4% to $2.255 in trading today and have gained 5.1%this year. Fletcher stock fell 0.7% to $8.37, having climbed 35% this year.