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David Thodey steps down as CEO of Telstra, Andrew Penn as replacement

Telstra CEO David Thodey steps down with its 51-year-old chief financial officer and group executive international, Andrew Penn to assume the role
By: Chris Smith | Business, Financial & Legal News | Posted: Feb 19, 2015 10:54 pm

Today it was announced that David Thodey will be stepping down as the Telstra CEO, with chief financial officer and group executive international, Andrew Penn, taking up the role as of May 1, 2015.




As revealed this morning by Telstra chairman Catherine Livingston, Thodey was praised as an "outstanding chief executive," with further mention that the company has seen a double in their value since his appointment in 2009. Thodey, 60, will be helping Penn transition into the position over the next few months - stating that "our journey to being a world class customer service organization is generational progress. We have achieved much change but there is a lot more to do."


Working in Melbourne, Australia - Penn will be receiving a fixed remuneration package of $2.325m, including superannuation and the eligibility of short-term incentives. It might sound like quite a lot, however Telstra has reported another record half-yearly profit, with its $2.085 billion figure meaning a 22.4 percent increase when compared to the previous period.


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