Telecom CFO stepping down

Telecom said today chief financial officer Marko Bogoievski, who was overlooked to take over from Theresa Gattung as chief executive, is stepping down.

The news sent Telecom's share price down. It had traded as high as $4.23 today in a further market recovery, but by shortly after midday was down one cent at $4.15.

Mr Bogoievski was highly respected by professional investors and was considered the front runner to take over as the ceo. However, Telecom's board went for an outsider and selected Scotsman Paul Reynolds.

Chairman Wayne Boyd said Mr Bogoievski would leave at the end of January after more than 7½ years with the company.,

He had led the restructuring of Telecom's troublesome Australian operation AAPT.

- NZPA