Australia's Telstra names new CEO

Dylan Bushell-Embling
23 Feb 2015
00:00

Australian operator Telstra has named its successor to long-serving CEO David Thodey, who is retiring in March.

Andrew Penn, Telstra's current group CFO and group executive International, will step into the role from May 1.

Penn is also former group CEO of investment banking firm AXA Asia Pacific, and has more than 30 years experience in roles across APAC and Europe.

Thodey has been serving as CEO for nearly six years. He has been working for Telstra since 2001, when he was named group managing director for Telstra Mobiles. During his tenure as CEO, Telstra's market value has more than doubled to over A$80 billion ($62.7 billion).

Penn's employment terms call for a fixed remuneration of A$2.32 million per year as well as potential incentives contingent on the meeting of certain performance targets.

Telstra Chairman Catherine Livingstone said Penn has already made significant contributions towards Telstra's growth in his earlier positions.

“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 business value and capitalise on new growth opportunities,” she said.

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