Telstra CFO John Stanhope to Retire
In today’s world, working for a company for over 40 years is practically unheard of, but Telstra CFO John Stanhope is one of the few exceptions.
On Wednesday, 59-year-old Stanhope said he will retire from his post as the telco’s CFO, but only after he oversees a shareholder’s vote on Telstra’s $11 billion deal with the Federal Government over the National Broadband Network. He’s set to leave his post on December 30 of this year after 44 years with the company.
Stanhope has been with Telstra through some of the most advanced progressions in telecommunications history. He’s held a number of key roles with the business and has executed the T1 and T2 share sales, cost reduction programs, growth strategies, debt raising, capital management and organisational restructures.
In his current role as CFO and Group Managing Director, Finance & Administration, Stanhope has managed Telstra’s involvement in the Federal Government’s T3 sale of Telstra shares—the final phase of the privitisation of Telstra. He’s also been instrumental in the definitive agreements with the Federal Government and NBN Co that will be subject to a shareholder vote in late 2011.
“Above all, Telstra has wonderful people and assets, and I am confident that the company’s future is extremely bright,” Stanhope said.
Telstra has already begun its search for Stanhope’s replacement. The Wall Street Journal reported that recruitment expert Egon Zehnder has been working with Telstra and is searching for candidates on internal, domestic and international levels.
Telstra shares closed 2 cents lower yesterday to finish at $2.89 on the ASX.