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 New Zealand says it will embark on a wide-ranging review of its business in the wake of major changes to the regulatory regime announced by the Government last week.
"Telecom understands that the public supports these changes. We are committed to reviewing our strategy and future planning to respond to the new environment," Telecom chairman, Dr Roderick Deane, said.
Telecom said that the new regime "fundamentally changes the telecommunications market in New Zealand...and will require a different approach". Deane said he wanted to make it abundantly clear that the board and management recognise the need for a new approach.
A team of senior executives has been established to develop recommendations for Telecom’s new direction. It will be lead by CEO Theresa Gattung and will include executive team members Kevin Kenrick and Mark Ratcliffe.
Major elements of the review will be: reshaping the company’s overarching strategy; reviewing wholesale arrangements, including an in-depth review of lessons from models in other countries; implementing VOice over Internet options for business and residential customers; developing the rollout of faster, interactive next generation broadband services based on ADSL2+; developing simpler, easy-to-use services reflecting the convergence of fixed and mobile services; facilitating personalised customer-driven combinations of services, in a simple and easy to use way; simplifying the operating model and customer offerings to facilitate lower costs and lower prices, including wider use of self-service arrangements.
Telecom said it would make a further announcement about aspects of the changes in June.
Deane also confirmed that he had informed the board "a considerable period of time ago" of his wish to retire as chairman. He said the timing of this depended on the board’s implementation of its succession planning but would be no later than 12 months hence.
As part of a recent review of board responsibilities, Robert McLeod had been appointed as chairman of the audit committee to succeed Paul Baines who had indicate that he want to step down. Also, Wayne Boyd has been appointed chairman of the nominations and governance committee. Boyd and McLeod were appointed to the board in 2004.
David Bass
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