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Gattung gone

Telecom chief executive Theresa Gattung has resigned from the $2.9m job. [audio announcement]

It’s been a tough year at New Zealand’s largest listed company. Last May the Government announced it would impose the long-deferred unbundling of the local loop which caused Telecom’s share price to plummet.

In November, the Government said it would force the company to split into three units: network access, wholesale and retail.

Telecom’s internet users have also been up in arms over the move to unconstrained ADSL which saw many customers experiencing even slower internet connections.

Nevertheless, Telecom today reported a half-year profit of $452m.