NBN Co appoints new CFO, Philip Knox
- 30 January, 2019 10:00
NBN Co has appointed a new chief financial officer, Philip Knox, formerly CFO of outdoor advertising company APN Outdoor.
Knox has previously held CFO roles at Garvan Institute of Medical Research and now-defunct (following a Foxtel takeover) subscription television and telco firm Austar.
He is taking on the role following the promotion of former NBN Co CFO Stephen Rue to CEO. Rue replaced Bill Morrow as CEO in September and was also appointed executive director of NBN Co's board.
“From his time at Austar Mr Knox has extensive experience in delivering telecommunications services across regional and remote Australia,” NBN Co said in a statement today.
Rue said Knox was joining at an “exciting stage” of the NBN rollout.
“Phil is an accomplished financial executive with extensive experience across the technology and media industries. Phil has an outstanding track record of delivery and hands-on experience across key financial disciplines that will be critical in the final two years of the rollout,” Rue said.
Knox commences at NBN Co on February 6. His new job has been made slightly easier thanks to an extension to the deadline for the company to pay off its government loan.
In December, detailed in the government’s Mid-Year Economic and Fiscal Outlook (MYEFO), NBN Co was given an additional three years to pay off a loan from the government intended to plug the gap between the cost of the NBN rollout and the cap on the total equity contributions from Canberra.
The MYEFO revealed that the government would modify its $19.5 billion loan agreement, extending its term by three years to the end of June 2024 and allowing the company to source up to $2 billion from private debt markets.
“I have keenly watched the rollout of the NBN access network over the years and during that time been impressed at the scale and achievements of the company. I’m excited to join NBN Co and play my role in helping to enable Australia’s digital future,” Knox said.