Vocus Group has divided the enterprise and wholesale divisions of its Australian business into separate operating segments, in a bid to restore shareholder value.
Australia’s fourth-largest telco says its structure will now comprise four reportable segments: Enterprise and Government; Wholesale and International; Consumer; and New Zealand, allowing senior executives to have a more narrowed focus on opportunities within these divisions.
The announcement comes after Vocus chairman Vaughan Bowen in October apologised to shareholders for the company’s $1.46 billion full-year loss and said the best way forward was to execute the company’s plan to restore shareholder value.
Mr Bowen then described the 2016/17 year as an “unpleasant period” after management changes, an earnings guidance downgrade and a $1.5 billion writedown that followed a two-year expansion spree on Amcom and Nextgen, plus a merger with rival M2 Group.
The telco, which owns corporate data networks as well as retail brands Dodo and iPrimus, on Monday also announced the appointment of Sandra de Castro as chief executive of its consumer division.
Ms de Castra previously had held senior roles in sales, marketing and strategy at AGL Energy and National Australia Bank, Vocus said.
Current enterprise and wholesale chief executive at Vocus, Michael Simmons, will lead the wholesale and international division, while Scott Carter, who was consumer chief executive, will move to the role of chief executive enterprise and government.
Group chief executive Geoff Horth says the dedicated wholesale and international division will ensure that Vocus has the focus, products and service proposition for customers.
Vocus shares closed three cents, or 0.9 per cent, higher at $3.24.