Paul Reynolds is Telecom's new CEO

The long wait is over. Telecom this morning announced BT executive Paul Reynolds would replace Theresa Gattung as CEO, effective late September.

The long wait is over. Telecom this morning announced BT executive Paul Reynolds would replace Theresa Gattung as CEO, effective late September.

Reynolds joined BT in 1993 and is now CEO of BT Wholesale. He has a doctorate in geology.

Telecom also announced that Reynolds would be based in Auckland, rather than Wellington. He will be paid a base salary of $1,750,000 a year with a matching "target" annual perfomance incentive delivered 60% in cash and 40% in restricted shares, subject to shareholder approval. He will also be entitled to a long-term incentive to the value of $1,750,000.

He can resign at any time with six-months notice.

He has previously held senior roles in sales and marketing, strategy, information systems, broadband, and in guiding BT's wholesale business through operational separation, Telecom says in its statement.

Theresa Gattung leaves Telecom on Friday after twelve years at the company, the past eight as CEO. Simon Moutter, Telecom's chief operating officer, will be acting CEO until Reynolds arrives.

Chairman Wayne Boyd says Reynolds has led programmes of significant change at BT "in a regulatory environment that has parallels to New Zealand's."

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