Chorus CEO to depart in April
Make us a preferred source
Make us a preferred source on Google
The news: New Zealand telco Chorus announced its CEO JB Rousselot will step down in April as it reaffirmed earnings guidance for FY24.
The numbers: Rousselot, who has served a Chorus CEO for four years after stints at Telstra and NBN, will be replaced by current chief operating officer Mark Aue on 15 April.
Meanwhile, the company reaffirmed full-year earnings guidance of NZD680 million ($661 million) to NZD700 million, as strong demand for fibre broadband is expected to take it towards "the top half" of the range.
EBITDA lifted 1.5% to NZD347m, while Chorus declared an interim dividend of 19 cents per share, up from 17 cents per share a year ago.
However, net profit shrunk 44% to NZD5 million compared to the prior corresponding period, with the company citing higher interest rates and the depreciation of copper assets in areas where fibre was available.
The context: Chorus confirmed the leadership changes as the company reported on what it referred to as "the first normal operating period following the pandemic, workforce and weather challenges of the last few years".
Aue joined Chorus is 2023 and prior to this was CEO of telco 2degrees and CEO of Vodafone NZ (now One NZ).
Chorus said that its first half performance had been buoyed by demand for fibre broadband, with uptake passing 70%, and data consumption back at levels last seen during Covid lockdowns.
The source: ASX announcement
