Telecom looks within for replacement CFO

Nick Olson. Photo / Supplied

As the company faces an uncertain future Telecom has looked internally to replace its outgoing chief financial officer.

Current group controller Nick Olson is set to take over from Russ Houlden, who is returning to the UK, on October 1.

Olson, who began his eight-year career at Telecom as company treasurer, previously acted in the position for four months before Houlden's appointment to replace Marko Bogoievski.

While he will take over financial management of a company that turns over more than $5 billion in revenue, successfully gaining a role in the Government-backed ultrafast broadband scheme would see Telecom split into two separate entities.

Craigs Investment Partners analyst Geoff Zame said Olson was "a very capable guy" with a lot of experience on the corporate side of the business. He said Olson's strength in structuring and corporate finance would be useful if Telecom was to split.

"Given the nature of what's in front of Telecom it looks like a sensible appointment and also a sensible one to be recruiting from within."

Olson was tipped in May as a frontrunner to replace Houlden, who leaves Telecom to become chief financial officer at British listed infrastructure player United Utilities.

Headquartered in Warrington, United Utilities is Britain's largest listed water company with a turnover of £2 billion ($4.4 billion), operating water, wastewater, gas and electricity assets at home and in Australia, the Middle East, central and eastern Europe and the Philippines.

NICK OLSEN
* 48.
* Married with two teenage sons.
* Educated at James Cook High School; bachelor of engineering with first-class honours from the University of Auckland.
* Over 20 years' corporate finance experience with Fay, Richwhite & Co, Credit Suisse and Chase Manhattan.
* Joined Telecom in 2002 as treasurer. Has since held roles as general manager finance and group controller.
* A cycling, diving and fishing enthusiast who is currently based in Wellington.