2degrees chief stepping down

The chief executive of new mobile entrant 2degrees, Mike Reynolds, will be stepping down after the network's launch in August.

In a media statement released today, Reynolds said he would be stepping down to take up a position in the US.

Reynolds will be replaced by Eric Hertz, most recently the chief executive of Seattle mobile company, Zumobi.

"We're delighted to announce that North American telecommunications investor, Trilogy International Partners intends to increase its shareholding in 2degrees from 26 percent to 52 percent," said 2degrees deputy chairman Stewart Sherriff.

"Trilogy has agreed to purchase the interest currently held in 2degrees by Hong Kong based General Enterprise Management Services (GEMS) in exchange for approximately 8 percent of Trilogy equity. Fergus Wilmer (formerly representing GEMS) will remain on the board of 2degrees representing Trilogy."

"This acquisition gives Trilogy majority shareholding in 2degrees."

The remainder of the company is held by London based Communication Venture Partners, which owns 26 percent of shares, Hautaki Trust which owns 20 percent, and the final 2 percent held by "business associates".

Computerworld prompted the media release after it noted 2degrees' Wikipedia page indicated there were major changes to the ownership of the company and asked for confirmation.

- © Fairfax NZ News