Analysts unspooked by senior departure from Spark

Analysts unspooked by senior departure from Spark
Chris Quin's departure as Spark's CEO of home, mobile and business leaves market unmoved

Analysts say the market remained unmoved by the announcement today that Spark New Zealand’s Chris Quin, CEO of the company’s home, mobile & business division, will leave the company later this year. He will be replaced by Jason Paris, currently general manager of the same division.

Quin, who finishes in June 2015, has been with the company for over 20 years in a range of executive roles, one of which was as acting Telecom CEO. 

The company said Quin would be exploring new opportunities.

Paris steps into the CEO position in July. 

According to Blair Galpin, senior equities analyst at Forsyth Barr, “Paris is very well respected in the industry”. 

Another analyst says that “it is good to see internal promotion. That said, I’m sure they would have liked to have kept Chris for a bit longer.”

Spark’s share price rose almost 1.5% today to close at $3.39. However one analyst said this was probably more to do with the fact Spark business looks on track to grow in the 2016 financial year, rather than  because of the announcement of a change of leadership.