Chairman commits to telco's transition

Wayne Boyd. Photo / Brett Phibbs

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 yesterday that 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," 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.

"UFB will fundamentally reshape the local telecommunications industry. Telecom has to choose between structural separation and participation in UFB on one hand or to compete with state-funded infrastructure on the other," Boyd said.

Much would depend on the future shape of the regulatory environment, the conditions surrounding the Government's UFB investment, and what was right for Telecom shareholders.

Shares in Telecom closed down 7c at $1.90 yesterday.

- NZPA