SYDNEY, AAP – Telstra’s chief financial officer Vicki Brady will take over as chief executive following the retirement of the company’s long-serving head, Andrew Penn.
The telco, regarded by analysts as a high-yielding and low volatile stock, has faced long-term structural headwinds after customers abruptly moved away from fixed-line phone services, the company’s former main money-spinner.
Ms Brady will take over on September 1, Telstra said in a statement to the stock exchange on Wednesday.
Mr Penn is one of the country’s best-known chief executives, having headed a large blue-chip company that many Australians are exposed to through their investment portfolios and superannuation funds. He headed the telco for more than seven years.
“During his time as CEO, Andy has driven a focus on digitisation underpinned by a commitment to simplifying our products and services for our customers and employees,” Telstra chairman John Mullen said in a statement.