New boss 'must be open like Reynolds'

Telecom chief executive Paul Reynolds was praised for his honesty. Photo / Richard Robinson

Broker says transparency Scotsman brought to Telecom should continue

The new chief executive of Telecom should follow the lead set by Paul Reynolds of being open and honest to shareholders, Craigs Investment Partners broker Chris Timms said yesterday.

Telecom's board announced yesterday it had started the recruitment process to replace Reynolds.

Timms praised the Scotsman for the openness and transparency he brought to the operations of Telecom during his tenure.

"He adopted a more inclusive approach to keep shareholders informed," Timms said.

"That is the main thing he brought to the table.

"But he was also prepared to stand up and acknowledge when things went wrong.

"That's what we want from a chief executive officer," he said.

Telecom chairman Mark Verbiest said the board understood the importance of moving rapidly to recruit a new chief executive after Reynolds announced he intended to step down once Telecom was successfully established as an independent company post demerger.

Chorus listed as a separate company this month.

"We will consider internal and external candidates," said Verbiest.

"The board is committed to building on the momentum already generated as Telecom simplifies its business in order to deliver both improved service to customers and good returns for our investors," he said.

Timms said there would be many good candidates in New Zealand but Telecom would need to look for someone with a telecommunications background who also had a strong sales focus.

The new Telecom was more sales- oriented now Chorus held the infrastructure assets.

- OTAGO DAILY TIMES