Telstra Chairman John Mullen has told shareholders that will not be seeking re-election at next year’s annual general meeting, albeit with a few provisos.

Mullen flagged his impending retirement at today’s annual shareholder meeting, saying should new Telstra chief executive Vicki Brady have progressed as CEO, and a board renewal is under way, he will step down.

“If both of these tasks are completed by next year’s AGM, then I will not be standing for reelection,” Mullen said.

“If we are unable to complete this in time, then provided my colleagues support the decision, I would stand for re-election but with the intention of transitioning to a new chairman within six to twelve months of my next term.

Mullen has served on the board for 14 years. He has been chairman since April, 2016.

Shareholders will vote today for the restructuring of the company into four smaller entities under a holding company.