BUSIONESSDESK: Telecom Corp boss Simon Moutter has stepped down from the board of the phone company's debt-issuing unit to focus on running the firm's main operations.
Mr Moutter's resignation, effective today, leaves him free to "focus his efforts on Telecom's core portfolio", TCNZ Finance says in a statement to the stock exchange.
The company is wholly-owned by Telecom to raise debt funding locally and abroad to pay for the group's operations. The unit also manages Telecom's foreign exchange and interest rate risks.
Mr Moutter will lay out his grand plan for the country's biggest listed company early next year after hitting the road to get a sense of what stakeholders want.
He is expected to announce Telecom's business strategy early next year as he works to build on its position in a post-Chorus environment and as more customers switch to better technologies.
An early initiative he has pushed is making Telecom compete more aggressively in broadband to prevent customers leaving on price.
The remaining directors on TCNZ Finance's board are Telecom general counsel Tristan Gilbertson, chief financial officer Nick Olson, group controller John van Woerkom and general manager of capital markets Mark Laing.
TCNZ Finance has some $535 million in five bonds listed on the NZX's debt market and maturing between 2013 and 2016.
Telecom's shares rose 0.6% to $2.48 in trading on Friday and have gained 20% this year.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Labour leader Jacinda Ardern joins Simon Dallow in the NBR View studio this morning
- Housing strategist Leonie Freeman discusses the alarmingly low rates of new house builds in Auckland
- Jason Walls canvasses reaction to Labour exploring tax breaks for SME investment
- Synlait managing director John Penno on capacity constraints and supplying China
- NBR Radio: best of the week ended September 15, with Grant Walker