Telstra CFO John Stanhope to stand down

Stuart Corner
Wednesday, 29 June 2011 15:27

IT Industry - Listed Tech

Telstra has announced that its long-standing CFO, John Stanhope, will retire on 30 December 2011, after more than 40 years with the company.

CEO, David Thodey said: "John's contribution to the company for more than 40 years has been enormous. He is a genuine leader in the industry and a valued leader in our company'¦[He] has been a driving force in landmark events including privatisation and the conclusion last week of definitive agreements with the NBN Co and Federal Government. We look forward to him continuing to play a critical role as we seek shareholder approval for Telstra's participation in the National Broadband Network."

Stanhope joined Telstra in 1967 and became director of finance in 1995, in which role he contributed to the T1 and T2 share sales, cost reduction programs, growth strategies, debt raising, capital management and organisational restructures. In his current role he has managed Telstra's involvement in the Federal Government's T3 sale of Telstra shares, and the NBN agreements. In Telstra's briefing on these last week, Thodey said: "John has really been the lead in negotiating these contracts. He really has done an outstanding job."

He added that Telstra continuously reviewed potential candidates for key roles including CFO and had "commenced a rigorous process to formally consider Mr Stanhope's replacement."