Telecom won't replace director, citing Crown fibre uncertainty
Telecom has today announced that Sachio Semmoto is to resign from its board with immediate effect. Dr Semmoto was appointed as an independent director in March 2009.
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Telecom has today announced that Sachio Semmoto is to resign from its board with immediate effect.
Dr Semmoto was appointed as an independent director in March 2009.
Health reasons were cited for his resignation.
Telecom Chairman Wayne Boyd said no replacement director is planned at this stage.
“Given the uncertainty the company faces due to the government’s ultra-fast broadband [UFB] initiative, it is not appropriate currently to appoint a new director,” Mr Boyd said.
Telecom has offered to split itself into separately listed retail and service companies, each with their own board, if that proves necessary to win Crown fibre business.
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Pior to his short tenure, Dr Semmoto described New Zealand broadband as "retarded" and "pitiful".
The entrepreneur made his name on the Japanese telecommunications scene as a champion of unlimited 3G data plans.
He is resident in Japan but bought a home in Christchurch, where he he was appointed to a visiting professorship with the University of Canterbury's management school.
Telecom's newest independent director, Sue Sheldon, was confirmed at its October AGM. Ms Sheldon was recommended by the Shareholders Association, which successfully lobbied for independents to have a greater presence on Telecom's board.
Ms Sheldon was a new appointment, taking Telecom's board from seven to eight members; it's now back to seven.
Telecom shares (NZX: TEL), which were trading at $2.17 ahead of the Friday announcement of a joint rural broadband bid with Vodafone, were down once cent to $2.21 in late afternoon trading, off there intra-day of $2.22.
NBR staff
Tue, 16 Nov 2010
Tue, 16 Nov 2010
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Telecom won't replace director, citing Crown fibre uncertainty
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