Telstra has revealed the addition of almost one million new mobile services in the six months to December 2011, but Sensis revenues plummeted 24 percent in 12 months.
Telecom NZ is expecting the new CEO to achieve similar transformational changes. Chairman, Wayne Boyd, described Reynolds' arrival as "a watershed for Telecom...We know there are few global leaders with his combination of skills, knowledge and experience."
He also announced Reynolds' remuneration package saying: "Paul's remuneration reflects the depth of his international expertise and the challenge faced in leading Telecom through this transformation. Globally there are few leaders in the telecommunications industry with Paul's combination of skills, knowledge and experience."
For the year to 30 June 2008 Reynolds has an annual salary of $NZ1.75 million, pro-rated for the nine months and a performance incentive award, delivered 60 percent in cash and 40 percent in Telecom ordinary shares with restrictive conditions. "The annual target value of the incentive award is $NZ1.75m per annum which will be pro-rated for the nine months," Boyd said.
"The performance incentive scheme is designed to reward Paul for achieving pre-specified target levels of performance that will create value for shareholders. These measures will be set by the board within the next 60 days and are likely to include performance objectives based on Telecom's strategic plans."
Boyd added: "Paul's remuneration reflects the depth of his international expertise and the challenge faced in leading Telecom through this transformation."
David Bass
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