Telecom CFO Russ Houlden resigns

Happier times: Telecom chief executive Paul Reynolds and outgoing chief financial officer Russ Houlden announcing financial results in August 2009. Photo / Glenn Jeffrey

Telecom has announced the resignation of its chief financial officer Russ Houlden.

In its announcement to the stock exchange Telecom says Houlden has resigned "to become CFO of a FTSE 100 company".

This would allow him to return to the UK where his family live.

"Russ has done an outstanding job in his two years at Telecom, during a period of profound change and significant challenges for our company," said CEO Paul Reynolds.

"Russ has brought great rigour, discipline and insight to our financial planning processes as the company's transformation gathered pace.

"He worked tirelessly to develop and foster a strong financial leadership team around him. The depth and capabilities of this team has grown significantly under Russ' leadership.

"I respect the choice Russ has made to return home and be with his family while taking up a challenging new career opportunity, and I wish him all the best," said Reynolds.

"I am proud of what Telecom has achieved since 2008, including faster broadband, and market leadership in ICT. Importantly, our financial results to date have met market guidance. I wish Paul and the whole Telecom team every success in the future," Russ Houlden said.

Reynolds said Houlden's depature date had not yet been finalised, but he was committed to Telecom until his successor was in place.

Houlden has presided over Telecom's 'cost-out' programme, which aims to strip more than $500 million of spending from the business over three years as it strips out 500 management jobs from the country's biggest phone this financial year.

In the latest earnings, he announced a change in Telecom's 2011 dividend policy that will see shareholders paid a fully-imputed dividend equal to a 90 per cent ratio of adjusted earnings, which should help it keep its A and A3 credit ratings with Standard & Poor's and Moody's Investor Services respectively.

In March Telecom's head of mobile Paul Hamburger, announced he would be ending his 18 month stint with the company.

He has been replaced by Kieren Cooney who is the chief executive of Telecom retail partner Leading Edge.

His resignation followed that of group chief transformation officer Frank Mount, who resigned in February, several months short of his concluding fixed term contract.

Telecom wholesale and international business chief executive Matt Crockett is leaving the company at the end of June.

NZ HERALD / BUSINESSWIRE