Sherriff replaces Osborne at telco

Stewart Sherriff is the new chairman of mobile telecommunications company 2degrees. Photo / Supplied

Mobile operator 2degrees' long-standing chairman Bill Osborne is to be replaced by deputy chairman Stewart Sherriff.

Former All Black and Quotable Value chief executive Osborne, who will remain a board member, has served as the company's chairman since its inception almost 10 years ago.

Over that time he has represented the stake of minority shareholders Hautaki, a company owned by Maori interests which was established in 2000 when government was auctioning off 3G spectrum.

Spectrum was set aside for Hautaki to purchase at a discounted price to allow Maori a foothold in the industry.

Hautaki is facing the dilution of its 20 per cent stake in 2degrees after last year failing to raise $20 million needed from Maori investors to pump into building the new mobile network.

Hautaki's shareholding will reduce from 20 per cent to around 13 per cent and it is understood the outstanding 7 per cent share is currently being offered to other shareholders.

Sherriff is the chief technical officer at majority shareholders Trilogy International Partners.

The changes coincide with the first visit next week of US mobile telecommunications veteran John Stanton, the chairman of Trilogy International Partners.

Trilogy raised it's stake in 2degrees last year when Hong Kong investor General Enterprise Management Services transferred its 26 per cent share to Trilogy in exchange for an 8 per cent stake in Trilogy.