Boyd to replace Deane at Telecom

Wayne Boyd and Rod Deane

Telecom has announced Wayne Boyd will replace Rod Deane as chairman of Telecom board of directors from 1 July.

Mr Boyd has been on the Telecom board since 2004 and is currently chairman of Auckland International Airport Ltd, Meridian Energy Ltd and Freightways Ltd.

Deane confirmed he was set to retire earlier this month saying he had had enough of the "corporate treadmill".

"I've had enough, in a sense, of the corporate treadmill mainly because my wife and I have been pursuing a range of other activities which we've enjoyed greatly and I think it's time for a change, and this will provide an opportunity for refreshment," Dr Deane said.

"I certainly find some of the regulatory stuff with respect to both the banking world and telecommunications world rather distasteful."

Mr Boyd said in a statement it was an honour to "take Telecom into a new era and move the company forward".

"There are three key roles for me as the new Chairman – leadership, stewardship and performance.

"Telecom will be listening to New Zealanders about what they want and expect from the company. We need to listen and hear what Kiwis are saying to us. We don't have all the answers yet and it's important that we keep an open mind."

"As part of this, we want to be talking and working with Government. The effect of the recent Government announcements is that we are entering a new era for telecommunications in New Zealand. My job is to make sure that Telecom is able to compete fairly and energetically in that new era."

Deane was Telecom's chief executive for seven years until 1999 when Theresa Gattung took over, and has chaired its board since.

Since the Government's May 3 announcement of a heavier-handed regulatory approach to Telecom, $2.3 billion has been wiped off the company's value.

The recent decline in the value of the company was "severe and regrettable" and was a direct result of measures taken by the Government, Dr Deane told National Radio earlier this month.