End of an era at Ihug

The changing of the guard at Ihug is complete with Tim Wood following his brother Nick out the door. The Wood brothers, along with father John, set up the ISP in 1994.

The changing of the guard at Ihug is complete with Tim Wood following his brother Nick out the door.

The Wood brothers, along with father John, set up the ISP in 1994 and after two failed merger attempts before the telco sharemarket collapse, Nick Wood finally handed control over to new chief executive Martin Wylie in August.

Tim Wood was to stay on as marketing manager, however Wylie confirmed yesterday that he is no longer "taking an active role" in the company.

"They both still have their shares and a seat on the board but no, they're not involved in the day to day running of Ihug any more."

Ihug initially fired up the home internet access market with its flat-rate charging scheme - introduced in 1996, effectively revolutionising the ISP industry in New Zealand. The "Diamond Account" cost only $39 a month plus GST and forced other ISPs to offer similar packages, dramatically reducing the cost to the end user.

In February 2000 the Wood brothers tried to sell Ihug to Force Corporation in exchange for 210 million shares at an estimated worth of 57 cents per share. That deal fell through, however, and the Woods instead bought 51% of video rental chain Video Ezy, although it has since divested itself of that purchase as well.

Nick Wood left the company in August to run a resort in Fiji. There is no word on Tim's whereabouts at the moment.

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