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BREAKING NEWS: Thodey Quits Telstra As CEO

BREAKING NEWS: Thodey Quits Telstra As CEO

Thodey who is retiring after almost six years as chief executive and will be succeeded by the company’s chief financial officer, Andrew Penn.

Mr. Penn, 51, will take on the new role from May 1.

Mr. Thodey, 60, joined Australia’s biggest telecommunications company in 2001 and has served as CEO since May 2009.

Telstra chairman Catherine Livingston announced the shock change this morning, saying it was a testament to Mr Thodey that the board was able to appoint a successor from within the company.

Praising Mr Thodey, 60, she said the company’s value had more than doubled to $80 billion since he was appointed CEO in 2009.

Last week, Telstra reaffirmed its full-year earnings guidance and announced plans to reactivate its dividend reinvestment plan (DRP) after delivering another record half-year profit. The result — $2.085 billion — was a 22.4 per cent increase on the $1.704bn posted in the previous corresponding period.

Mr Penn is a former group CEO of AXA Asia Pacific, with more than 30 years’ experience in Australia, New Zealand, Europe and aacross the Asia-Pacific.

Ms Livingston described Mr Penn as a “seasoned executive in global markets with proven capability to lead organisations through significant transitions and major expansion”.

“He has played a key role in developing Telstra’s long-term growth strategy and we are delighted he will continue to lead Telstra’s plans to increase customer advocacy, core busines value and capitalise on new growth opportunities.”

Mr Penn will commence his role on a fixed remuneration package of $2.325m, including superannuation contributions, and will also be eligible for short-term incentives.

He will be based in Melbourne.