Telecom chairman Wayne Boyd is to stay in the job for now, although he is planning to step aside from some of his other directorships.Telecom said today that Mr Boyd had committed to Telecom until it had completed its transition through the changes in ind
Telecom chairman Wayne Boyd is to stay in the job for now, although he is planning to step aside from some of his other directorships.
Telecom said today that Mr Boyd had committed to Telecom until it had completed its transition through the changes in industry structure that were likely to be required by the Government's ultra fast broadband (UFB) plans.
"I have reached the stage in my career where I can start looking forward to retirement," Mr Boyd said.
"As such, over the next few months I will be relinquishing several of my directorships.
"However, I want Telecom's shareholders to know that I remain committed to Telecom at this time of tumultuous change, and I commit to remaining at the helm as we navigate into the new industry structure, no matter what the outcome for Telecom."
Telecom spokesman Ian Bonnar told NBR that the company was not reacting to any analyst chatter.
"It’s just that Wayne felt that it was important to reiterate his commitment to Telecom as he starts to step back from some of his other commitments," said Mr Bonnar.
"It looks like a pre-emptive move to stop speculation when he announces he is stepping down from other boards," Forsyth Barr analyst Guy Hallwright told NBR.
Telecom's AGM is due to be held September 30. There has been some analyst speculation about board changes at that time.
The company's shares (NZX: TEL) were down 0.51% to $1.96 in midday trading. The broader market was down 0.15%.
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