TalkTalk Group said the separation will create three independent companies – the B2B Wholesale Platform, TalkTalk Consumer, and TalkTalk Business Direct – that can drive their own strategic direction, growth and investment.
The new companies will become operationally separate from November 1, and legally separate from March 1, 2024. All three businesses will be headquartered in Salford, UK, and will continue to be supported by existing TalkTalk Group shareholders.
The company said the changes will lead to a “limited number of redundancies”, largely from central corporate functions.
Tristia Harrison, who has held the post of TalkTalk Group CEO since 2017 who will chair a newly established Oversight Board through to the point of legal separation on March 1, 2024. From March, Tristia will move to be a non-executive director of the B2B Wholesale Platform.
Tom O’Hagan (pictured), founder of Virtual1 and current managing director of TalkTalk Business Wholesale, will be CEO of the Wholesale Platform.
Adam Dunlop, the former managing director of iD Mobile and current managing director of TalkTalk Consumer and Supply and Partnerships, will be CEO of TalkTalk Consumer. Ruth Kennedy will continue as managing director of TalkTalk Business Direct.
TalkTalk Group said the demerger will allow each company to focus on meeting the needs of their customer bases, eliminate operational complexity, and support balance sheet refinancing and investment on a standalone basis.