nbn co names its next CEO

The nbn co board has selected Stephen Rue to take over from Bill Morrow as the company’s next CEO, effective from the start of next month.

Rue is currently nbn co’s CFO, responsible for all financial aspects of the company. He joined nbn co in 2014.

Prior to this role, Rue spent 17 years in various leadership roles, including almost a decade as News Corp Australia’s CFO.

He has also served on the boards of companies including Foxtel, REA Group and AAP, and is a Fellow of the Institute of Company Directors, as well as a member of the Institute of Chartered Accountants in Australia.

Rue will receive a $1.8 million annual salary as well as a 50% incentive contingent on the meeting of certain key milestones.

In a statement, nbn co Chair Ziggy Switkowski said after Morrow announced his intention in April to step down as CEO, the board engaged an executive search firm to undertake a search for his replacement.

But the board ultimately decided that an internal appointment of an executive with deep knowledge of nbn co’s internal affairs was preferable, due in part to the end of the build phase being only two years away.

“I congratulate Stephen on his appointment and am very pleased that he is available and enthusiastic to succeed Bill Morrow as CEO. With the network construction moving through a critical phase en route to completion in 2020, the board considered Stephen’s experience, including at nbn co, and skills in financial, operational and project management to be especially well suited to the challenge,” he said.

“The appointment of a quality internal candidate reduces the risk of loss of momentum in the business from the leadership change and ensures continuing ownership and accountability for delivery of the nbn co Corporate Plan.”

In a joint statement, Minister for Communications Mitch Fifield and Minister for Finance Mathias Cormann welcomed the appointment.

The Senators also announced that the government has re-appointed Dr Kerry Schott and Ms Shirley In’t Veld as non-executive directors to the board.

Telecoms analyst Paul Budde meanwhile noted that the selection of Rue for the role “clearly indicates no changes, no talks about write downs, privatisation or anything else, [but instead] continuing on the road the government and nbn co have set out for their broadband business”.

Image courtesy nbn co.

Please follow us and share on Twitter and Facebook. You can also subscribe for FREE to our weekly newsletter and quarterly magazine.