Changes at the helm of 2degrees

Changes at the helm of 2degrees

New Zealand’s newest mobile entrant, 2degrees has today announced some significant and positive changes at the company as it heads towards its market launch in August.

“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,” says Stewart Sherriff, deputy chairman of 2degrees.

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 board and other shareholders see this as a positive development in fortifying the company to take on the incumbents and deliver on our promise to bring better value to mobile users in New Zealand,” said Stewart.

The second announcement by 2degrees is a change in CEO that will take effect after the company launch in August.

According to CEO, Mike Reynolds, while he has enjoyed his time heading up 2degrees and having the opportunity to play a role in bringing much needed competition to the mobile market, he has accepted an opportunity back home in America.

“I look forward to continuing to contribute to the success of 2degrees in a different capacity and I'm pleased to be handing over the leadership of the company to Eric Hertz. In true 2degrees fashion where everyone knows someone who knows some one… I’ve known Eric for many years and worked with him in the past, and I can assure you the future of 2degrees is very bright with Eric at the helm.

“He’s a great guy and an experienced leader and I look forward to assisting him and 2degrees through launch in any way I can,” said Mike.
On behalf of the board, Mr Sherriff congratulated Mike on the excellent job he had done in setting up 2degrees as the market challenger, bringing critical regulatory issues to the forefront of public discussion and preparing the company for launch.

The shareholders in 2degrees are Trilogy - 52 percent, London based Communication Venture Partners (CVP) - 26 percent, Hautaki Trust - 20 percent and business associates 2 percent.

ENDS

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