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Telecom is still searching for a replacement for chief financial officer Marko Bogoievski, who will join Lloyd Morrison's investment company Infratil after he leaves the telco this week.
Infratil announced yesterday that Bogoievski had been appointed chief operating officer at the utilities investor and its manager, HRL Morrison.
Bogoievski, 45, resigned from Telecom in August after more than seven years at the company. When former chief executive Theresa Gattung announced her resignation in February, Bogoievski was widely tipped as the likely successor.
However, seven weeks before Bogoievski announced his departure, the telco appointed British Telecom executive Paul Reynolds.
Telecom spokesman Mark Watts said the company was still on the hunt for a new chief financial officer.
"The process is under way and has been for some time," he said.
"It's a rigorous search, given the calibre of person we require for the job."
Watts paid tribute to Bogoievski's tenure as a top Telecom executive.
"We wish him all the very best for the future," he said.
Bogoievski's departure on Thursday comes the week before Telecom is scheduled to present its half-year financial results.
Watts said Bogoievski would be involved until the day he left and Telecom would be able to cover his absence until a replacement was appointed.
An announcement was not expected at the results briefing next Friday, which would be presented by Reynolds, Watts said.
Bogoievski said yesterday he was excited to be joining Wellington-based Infratil.
"[It's a] group in my home town which has proven itself to be one of New Zealand's most innovative organisations.
"My experience in complex infrastructure businesses will complement Morrison's existing skills and should enable me to assist Morrison and Infratil achieve the next level of scale and performance," he said.
Infratil's assets include Wellington Airport, European airports Kent International, Glasgow Prestwick and Lubeck and a 50 per cent stake in TrustPower. It also has a stake in Auckland Airport with the NZ Superannuation Fund. Chief executive Morrison was appointed to the airport board last year.
Bogoievski joined Telecom in May 2000 from the United States and has held a number of senior financial, operational and sales roles with Lion Nathan, Ansett, Elders Finance Group and PricewaterhouseCoopers.
Telecom chairman Wayne Boyd said last year that it was seeking a new chief financial officer with experience in mergers and acquisitions so it could take advantage of consolidation in the telecommunications market.
He said Bogoievski's replacement would have a strategic rather than purely financial focus.
Infratil also announced the appointment of Peter Coman as chief executive of HRL Morrison and Infratil Property. Coman was managing director of Jones Lang LaSalle, New Zealand.
Coman would be accountable for the development and performance of property within Infratil, for example assessing potential opportunities arising for Infratil shareholders from the PIE regime, the company said.
Coman said with capital markets undergoing a shakeout, property players in New Zealand and Australia were under pressure and he expected property prices to fall.
Infratil shares dropped 11c yesterday to close at $2.54. Telecom closed steady at $4.09.
MARKO BOGOIEVSKI
* Joined Telecom as chief financial officer in 2000.
* Held a number of senior financial, operational and sales roles in Lion Nathan, Ansett, Elders Financial Group and PricewaterhouseCoopers.
* Graduated from Victoria University with a Bachelor of Commerce and Administration.
* Has a Masters of Business Administration from Harvard Graduate School of Business.
