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Current as of 27/03/15 07:40PM NZST

Telecom names new boss

After months of speculation, Telecom have finally confirmed who will replace outgoing CEO Theresa Gattung at the top of the company.

He is Dr Paul Reynolds, the head of UK telco BT Wholesale.

Reynolds will succeed Theresa Gattung, who leaves Telecom on Friday after twelve years at the company, the past eight as the company's CEO.

He will assume the reins of the company in late September.

His package will include $1.75m in salary plus the same amount again in incentives, which would be paid out as a combination of cash and shares.

The 50 year old British executive had been tipped for the top job at Telecom since March.

Simon Moutter has been appointed as acting CEO until Dr Reynolds formally takes up his role. Moutter has held a variety of roles at Telecom, including that of Chief Operating Officer.

Chairman Wayne Boyd said he and the Telecom Board were delighted, after a global recruitment process, to have secured the appointment of Paul Reynolds.

"Globally there are few leaders in the telecommunications industry with Paul's combination of skills, knowledge and experience," Mr Boyd said.

"Paul has led programmes of significant change at one of the world's largest telecommunications companies, in a regulatory environment that has parallels to New Zealand's."

In 2006, the Telecommunications Industry Association of America awarded Dr Reynolds its 'Global Icon' award for his leadership and innovation.

"Given his senior contribution at BT, in a wide variety of roles, Paul is ideally placed to lead one of Australasia's most significant telecommunications and IT companies at this time."

Reynolds joined BT in 1983 after completing a doctorate in geology at the University of London. Since then he has had a distinguished career, encompassing senior leadership roles in sales and marketing, strategy, information systems, broadband, and guiding BT's wholesale business through the complex process of operational separation, when Openreach was created.

He has served on BT's Board of Directors since 2001.

BT Wholesale is the wholesale business of UK-based telecommunications and IT company BT Group.

Dr Reynolds said he and his family were looking forward to coming to live in New Zealand.

"I'm passionate about the telecommunications industry and its power to transform the way people interact, live, work and play.

"I've been a keen observer of the New Zealand experience, and am now looking forward to leading a company that will help to shape the country's future."

Theresa Gattung's formal departure is on Friday.


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