A day after revealing a new corporate structure for the next few years, Telstra has announced that CEO Andy Penn will retire after more than seven years in the role and will be replaced by current chief financial officer Vicki Brady.
Mr Penn joined Telstra in 2012 as chief financial officer and has been CEO since 2015. Ms Brady takes up her new role on September 1. She joined Telstra in 2016 and has been the chief financial officer since 2019.
Telstra chair John Mullen said in Wednesday’s statement that Mr Penn had led the company during a period of “significant change” as it implemented its T22 strategy while also grappling with the pandemic.
“In recent years, not only has Andy ensured the successful delivery of our T22 commitments, he has provided leadership at what has truly been an extraordinary time as we have navigated both as a company and a nation through the challenges of the pandemic.”
Mr Mullen said Ms Brady, who will be based in Sydney, is an ideal candidate to take over.
“She has played a key leadership role in the development of Telstra’s T25 strategy and is well-placed to lead through the company through its next phase,” he said.
The new corporate structure for the telco will see the creation of a new holding company, which will be named Telstra Group.
Telstra Group will in turn have four main entities – InfraCo Fixed, Amplitel (InfraCo Towers), Telstra Ltd (ServeCo) and Telstra International.
Telstra will use a Scheme of Arrangement to implement key parts of the restructure in creating Telstra Group. This will involve the transfer of assets and liabilities within the entities, which will be transferred by court order, and is expected to occur in late August.
The new parent company and listed entity is anticipated to take shape by the end of October.
