Kordia chief executive departs in March
Jan.22 (BusinessDesk) - State-owned communications company Kordia says chief executive Geoff Hunt is leaving at the end of March.
The departure comes after the company merged its two New Zealand telecommunications businesses with internet service provider Orcon, creating Kordia New Zealand.
Orcon boss Scott Bartlett is leading Kordia New Zealand and he and Peter Robson, the boss of Kordia Solutions Australia, will now report directly to the board, as will chief financial officer Shaun Rendell.
"Now that both businesses are performing well, it makes sense that they each now report directly to the Kordia board," Mr Hunt, who was recruited in 2005, said.
Kordia New Zealand will have total annual sales just under $200 million, a level being achieved by the Australian business.
Chairman David Clarke said Mr Hunt led a comprehensive broadcast-to-broadband transformation of the company.
In 2012, Kordia posted a record net profit after tax of $12.1 million, which compared to a loss of $14.7 million the previous year.
The provider of television broadcast services was valued at $144.1 million in an analysis of state-owned assets by published by Treasury last week.