2degrees chairman stepping down

The chairman of new mobile phone network 2degrees, Bill Osborne, will step down from the job this month.

Osborne, who represents minority shareholder the Hautaki Trust, said after more than 10 years' involvement in getting New Zealand's third mobile phone player to its market launch in August, it was time to let US-based majority shareholder Trilogy drive 2degrees.

Last year Trilogy increased its shareholding from 26 percent to 52 percent, while Hautaki, a pan-Maori investor, was forced last month to dilute its stake from 20 percent to about 13 percent after being able to raise only $4 million of $20m in required new equity to hold its position.

Osborne, chief executive of Quotable Value, will remain a director. The new chairman will be Trilogy's Stewart Sherriff, at present deputy chairman.

Read more at Computerworld.

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