- Telstra (TLS) CEO Andrew Penn announces his intention to retire after serving more than seven years in the role
- He will be replaced by current Telstra Chief Financial Officer (CFO) Vicki Brady, who will officially take over as CEO on September 1, 2022
- Chairman John Mullen says Mr Penn will leave a “positive and enduring legacy for the transformation he has led during his time as CEO” and “will be known for his courage in setting a bold ambition through the T22 strategy to deliver a transformed experience for customers, shareholders and employees”
- Mr Mullen says Ms Brady has played a key leadership role in the development of Telstra’s T25 strategy and is well placed to lead the company through its next phase
- TLS shares ended Tuesday’s session 1.55 per cent in the green, closing at $3.93
Telstra (TLS) CEO Andrew Penn has announced his intention to retire after more than seven years in the role.
He will be replaced by current Telstra Chief Financial Officer (CFO) Vicki Brady, who will officially take over as CEO on September 1, 2022.
Mr Penn joined the telecommunications giant in 2012 as CFO before becoming its CEO in 2015.
During his leadership, Telstra says the departing CEO steered the multi-billion dollar company through a “period of significant change”.
Chairman John Mullen says Mr Penn will leave a “positive and enduring legacy for the transformation he has led during his time as CEO”.
“Andy … will be known for his courage in setting a bold ambition through the T22 strategy to deliver a transformed experience for customers, shareholders and employees,” Mr Mullen said.
He says the T22 strategy resulted in the ASX 200-lister significantly improving the customer experience, reducing costs by about $2.5 billion and reaching high performing employee engagement levels with about 17,000 people now working in teams across Telstra.
Ms Brady joined Telstra in 2016. She has also held the roles of Group Executive, Consumer and Small Business and Group Executive responsible for Strategy and Finance.
“(Vicky) has played a key leadership role in the development of Telstra’s T25 strategy and is well placed to lead the company through its next phase. She could not be more qualified to take over the reins to deliver on our T25 commitments,” Mr Mullen said.
Ms Brady will work with Mr Penn over the coming months “to ensure a smooth transition”.
She will earn a fixed remuneration of $2.39 million per annum plus incentives for certain performance targets being met.
TLS shares ended Tuesday’s session 1.55 per cent in the green, closing at $3.93.