Now, he is seeking to reconnect with shareholders in a letter explaining some of the big decisions the company has to face soon.
"I would also like to reassure you that we are committed to acting in the interests of shareholders at all times and that the approval of Telecom's shareholders would be sought on a major decision like splitting up the company."
Mr Boyd said that Telecom expected fibre optic cables would replace the traditional copper wires in most telecommunications networks around the world, allowing for the delivery of broadband speeds many times faster than those currently available.
The Government planned on apportioning its $1.5 billion investment through a tender process.
"Given our proven experience in New Zealand telecommunications, we believe we are the best partner for the Government.
"By partnering with Telecom, the Government's investment will build on the investment Telecom is already making rather than replicating and competing with it. We feel this would be good for Telecom and good for New Zealand as a whole."
However, one of the requirements of the tender process was that the companies that built the fibre optic infrastructure did not also offer services to end users, such as retail and business clients, he said.
That essentially stopped Telecom, and other full service telecommunication companies, from being involved in the $1.5 billion ultra-fast broadband project (UFB) unless they separated their businesses into two - one that built and maintained infrastructure and another that sold services to end users.
"As a result, structural separation of some form is an option we are considering but for us to proceed with a separation the benefits would need to outweigh the costs."
Telecom was at the start of understanding whether or not the benefits did outweigh the costs and Mr Boyd pledged to keep shareholders informed as the company worked through the complex issue.
Forsyth Barr broker Suzanne Kinnaird said that while there was nothing new in Mr Boyd's letter to shareholders, she viewed it as the start of the process of educating Telecom investors about the potential structural separation.
"As mentioned in the letter, shareholders will ultimately have to approve any decision made to proceed with a separation, so this can be seen as the first step in the education process, as well as a show of good faith to the Government that they are seriously considering it."
