With elections approaching next year, rivals of Telstra have urged for strong controls on the rates charged by Telstra for access to its infrastructure.
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Telecom shareholders have voted to approve the structural separation of Telecom and Chorus.
Chorus has announced the appointment of Andrew Carroll as chief financial officer for New Chorus, the entity that will emerge after structural separation.
The appointment is conditional on Telecom shareholders and bondholders approving the proposed structural separation of Telecom and Chorus later this month.
Carroll’s appointment completes the New Chorus executive team.
“It’s great to have a team with such a wealth of experience and knowledge of our business, our history and our people, as we move towards a fibre future for New Chorus and for New Zealand,” New Chorus CEO Mark Ratcliffe says in a statement announcing Carroll's appointment.
“Andrew was the Finance Lead on the Ultra-Fast Broadband negotiations and, as such, played a vital role in making sure that the agreement and the financial terms would be in the best interests of our company and shareholders. He’s very excited to now have the opportunity of putting the UFB proposal into practice, and also contributing to the success of the New Chorus he helped create. I am delighted to have him on board,” Ratcliffe says.
The statement notes: "Carroll has worked for Telecom since 2002, holding senior roles in corporate finance including Manager Financial Strategy and Head of Mergers & Acquisitions, where he was involved in key deals including the Gen-i acquisition and sale of Yellow Pages. Before joining Telecom, Carroll was a director of investment banking at Credit Suisse First Boston NZ."
Telecom has formally applied to the NZX for a waiver from the Exchange’s listing rules, due to the pending structural split and spin-off of Chorus.
Telecom has announced that CEO Paul Reynolds will leave next year, after the process of structurally separating Telecom is complete.