Crown Fibre Holdings and Chorus have announced the appointment of Gavin Walker as Independent Chairman of the Steering Committee governing the parts of the Ultra-Fast Broadband (UFB) rollout that have been assigned to 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."
Chorus and Crown Fibre Holdings have officially started the rollout of the ultra-fast broadband (UFB) network in the South Island by deploying new network infrastructure in Blenheim.
ICT Minister Steven Joyce has rejected the proposed Deed of Undertakings governing Telecom’s copper-based services after structural separation of the company.
In three years 50 percent of New Zealand businesses will have migrated from copper to fibre-based services.
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.
An independent report by Grant Samuel included in a 532-page scheme booklet sent to Telecom’s shareholders yesterday recommends that the proposed demerger take place, despite risks for investors post-merger.
Albany, in north Auckland, was an interesting place for Chorus to launch its Ultra Fast Broadband network last week. Right in the heart of Vector country.
Chorus 2 CEO-elect Mark Ratcliffe will not sit on the new company’s board, it has been disclosed today.
Chorus kicked off its Ultra Fast Broadband network with a Ministerial photo opporunity in Auckland yesterday.
Chorus has announced seven executive appointments, in the run-up to structural separation from Telecom.
Ratings agency Standard and Poor's has released a statement saying it is continuing to place Telecom on negative credit watch, due to the pending spin-off of Chorus.
Senior analyst at IDC, Rosemary Spragg, says the proposed asset split between New Telecom and New Chorus that was announced yesterday is very much as expected.
Telecom has announced that Mark Ratcliffe will be appointed as CEO of Chorus, in the event that shareholders approve the proposed demerger.
The statement from Telecom announcing the move reads: "Telecom has proposed to separate Chorus, its local access infrastructure business, into a standalone listed company in order for it to participate in the Government’s Ultra-fast Broadband initiative.
"A Telecom employee of more than 20 years, including nearly 12 on the Executive Team, Ratcliffe is currently the CEO of Telecom’s Chorus business unit.
"He had previously been named as leading the transition of Chorus through to demerger, and was also Telecom’s executive lead for the Ultra-fast Broadband initiative.
Sue Sheldon, who has been designated as Chorus Chairman if demerger occurs, says in the statement: “We are pleased to have secured Mark’s services, not only to lead the transition of Chorus from business unit to standalone company, but also beyond as the new Chorus establishes itself as New Zealand’s fibre partner.
“Mark offers unmatched experience and credibility, including the establishment of Chorus as an operationally separated business unit in 2008, and his team has built a trusted reputation with the telecommunications industry. This appointment will set a stand-alone Chorus in good stead if shareholders approve the demerger transaction.”
Telecom aims to separate Chorus, via a demerger, by the end of 2011. The move is part of the structural separation of the company, and is subject to shareholder approval.
Chorus has released a draft price list for the services it intends to offer retail service providers as part of the Ultra Fast Broadband initiative.