Thursday, May 19, 2022

Telstra CFO Vicki Brady is about to become telco’s first female CEO

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Telstra CEO Andy Penn is stepping down from the role he held for seven years, with Vicki Brady, the telco’s chief financial officer, taking over as the first female CEO.

Brady joined Telstra in 2016 and held the roles of Group Executive, Consumer and Small Business, and was appointed CFO and Group Executive responsible for Strategy in July 2019. She holds a Bachelor of Commerce from ANU, a Masters from Stanford Graduate School of Business, and is a member of the Institute of Chartered Accountants ANZ.

The transfer of power will take place on September 1 of this year.

John Mullen, chairman of Telstra, said Penn, who joined Telstra as CFO in 2012 and became CEO in 2015, leaves a lasting legacy of transformation.

“Andy has led Telstra through a period of profound change and will be known for his courage in setting a bold ambition through the T22 strategy to deliver a transformed experience for customers, shareholders and employees. There is no doubt that the strategy has delivered beyond expectations, laying the groundwork for Telstra’s recently announced T25 strategy and a renewed focus on growth and innovation,” he said.

“During his time as CEO, Andy has driven a focus on digitization, underpinned by a commitment to simplifying our products and services for our customers and employees. He has also maintained our network leadership, more recently through our investment in 5G.

“By delivering on the T22 strategy, Telstra returned to underlying growth, delivered significant improvements in customer experience, reduced costs by more than $2.5 billion and achieved a high-performing level of employee engagement with more than 17,000 people who now work in flexible teams in Telstra.

“He has led in what has been a truly extraordinary time as we navigated the challenges of the pandemic both as a company and as a nation.

Mullen said Penn also developed a strong executive team to ensure a strong succession plan.

“The greatest proof of this is the opportunity to announce an internal successor to the CEO role and I am delighted to announce Vicki in the role today,” he said.

“After starting her career at KPMG, Vicki subsequently worked in a variety of financial, commercial and strategic roles before taking on broader corporate leadership positions. She has made significant contributions to Telstra, including her work developing our new market plans as part of the T22 strategy.

“She has played a key leadership role in developing Telstra’s T25 strategy and is well placed to lead the company through its next phase. She couldn’t be more qualified to take over the reins to meet our T25 commitments. †

Brady signs for the CEO position with a salary of $2.39 million, with the Executive Variable Remuneration Plan offering incentives of up to 300%.

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