Former Telecom chief executive Theresa Gattung has commented on high salaries being paid to the company's current top executives.
In a new book being published next week, Bird On A Wire, she queries executive salaries in light of company performance.
Telecom's share price is currently half what it was in 2006, yet chief executive Paul Reynolds is believed to be paid up to $7 million.
Ms Gattung was chief executive between 1999 and 2007. She says the model does not work if profits are half what they were three years ago, but executives are being paid more.
She told Nine to Noon that Telecom is not worth much more now than what the Yellow Pages business was sold for, in early 2007.
Ms Gattung also said she is not surprised Telecom is currently facing difficulties such as those with the XT network.
She said the previous Government's decision to force the company to change its business model abruptly, was likely to have unintended consequences.
Ms Gattung said many experienced staff left the company because of the changes.