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Telecom head Paul Reynolds' $1.75m golden handshake

Outgoing Telecom chief executive Paul Reynolds, who left the company at the end of June, will get a payout of $1.75m.

Outgoing Telecom chief executive Paul Reynolds, who left the company at the end of June, will get a payout of $1.75m.

In 2011, he was paid $3m, according to the Business Herald Executive Pay Survey, down from $5.1m in 2010 and $5.4m the year before that.

Details of Reynolds’ remuneration for 2012 will be disclosed in the company’s upcoming annual report. 

In September, Reynolds will be replaced by Simon Moutter, who was previously COO of Telecom under Theresa Gattung.

Meanwhile, Chris Quin, the head of Telecom's IT arm Gen-i, is acting chief executive, with support from Reynolds.