NBN deal, then Stanhope goes
JOHN STANHOPE is retiring from Telstra after more than four decades with the company, but not until he seals a deal locking in billions of cash payments from NBN Co.
JOHN STANHOPE is retiring from Telstra after more than four decades with the company, but not until he seals a deal locking in billions of cash payments from NBN Co.His last major task will be helping the board get shareholder approval for the deal Telstra has made with NBN Co, which will see it get $9 billion over the next 35 years.At 60 years of age and with eight years as chief financial officer, Mr Stanhope's retirement has been expected. He is believed to be looking for a "post-executive" career."He has been around for a long time and he has a lot of credibility," the telecoms analyst with RBS, Ian Martin, said.Mr Stanhope was appointed CFO in 2003 by former chief executive Ziggy Switkowski and has served three CEOs.He provided continuity for the company when it replaced both the former chief executive and former chairman following the rocky Sol Trujillo era.BusinessDay understands the front runner to replace Mr Stanhope is deputy CFO Mark Hall.Mr Stanhope joined the company when it was still a government department in 1967. He was appointed director of finance in 1995 and helped with the gradual privatisation of Telstra.By now a specialist in redundancy packages, Mr Stanhope has overseen the departure of more than 45,000 staff - from 76,500 in 1996 to about 30,000 full-time domestic staff this year.Mr Stanhope will stay until December 30, 10 days after the deal with NBN Co must be approved by shareholders or it lapses.