Trading has begun in Australia of shares in the newly-split Telecom.
Shares in the network arm, Chorus, rose 4 cents to A$2.31 a share after opening at $2.27 each.
About 147,000 shares changed hands on the first day.
Shares in New Telecom, the retail arm, fell 41.5 cents to $1.455 each.
New Zealand shareholders have to wait until Wednesday to start trading in Chorus and New Telecom shares, though the company won't technically separate until Monday 28 November.
Any prior trades will be properly settled.
Personnel changes
Meanwhile, Telecom corporate relations director Tina Symmans is stepping down.
The company says she is leaving to focus on new opportunities.
Ms Symmans will stay on as a director of the Telecom Foundation.
Chief executive Paul Reynolds says Telecom will now start a selection process to fill the newly-established corporate services director position, which he expects to fill in the first half of 2012.
In another change, IDC Research analyst Rosalie Nelson will join Chorus as the manager of market insight and strategy.
