Telecom 'has the right plan'

Telecom fights US hedge fund board challenge

Telecom has the right board, management team and strategies in place to turn the company around, chairman Wayne Boyd told shareholders at the annual meeting in Wellington this morning.

His words were clearly aimed at fighting off the challenge from US hedge fund Elliott International, which has nominated Mark Tume and Mark Cross to stand for the board. While there would be room on the board for the two to be elected, Telecom is opposing the election.

Boyd launched into a strong defence of the path the struggling telecoms giant has gone on, including operational separation of its key units.


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