Telecom NZ completes demerger

Telecom New Zealand has completed the separation of its infrastructure department, Chorus, from the main body of the company. Chorus is now an entirely stand-alone company.

“The demerger of Chorus has been an enormous undertaking, and to complete it in such a short timeframe is testament to the phenomenal work of hundreds of people across both Telecom and Chorus,” said Paul Reynolds, Telecom CEO.

Telecom NZ also confirmed the appointment of Mark Verbiest as its new chairman, effective today.

Verbiest is joined on the board by new appointees Charles Sitch, Justine Smyth, Maury Leyland and Paul Berriman. Murray Horn, Kevin Roberts and Paul Reynolds will remain on the board.

Wayne Boyd, Ron Spithill and Sue Sheldon have today stepped down from Telecom NZ’s board, with Sheldon taking on the role of chairman at Chorus.