Telstra chief financial officer John Stanhope is retiring after more than four decades with the company, though not until he seals a deal locking in billions of dollars of cash payments from government-owned NBN Co.
TELSTRA chief financial officer John Stanhope is retiring after more than four decades with the company, though not until he seals a deal locking in billions of dollars of cash payments from government-owned NBN Co.
His last big task will be helping the board get shareholder approval for Telstra's deal with NBN Co, under which it will receive an after-tax $9 billion over the next 35 years.
At 60 years of age and after eight years as CFO, Mr Stanhope's retirement has been expected. He is believed to be looking for a ''post-executive'' career.
Mr Stanhope was appointed CFO in 2003 by former chief executive Ziggy Switkowski and has served three chief executives.
Telstra chief executive David Thodey said Mr Stanhope's contribution to the company had been ''enormous''.
''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,'' Mr Thodey said.
Ian Martin, an analyst with brokerage RBS, described him as having provided continuity and certainty for the company when it replaced both the former chief executive and former chairman after the rocky Trujillo era.
Telstra yesterday started looking for a replacement CFO and BusinessDay believes the front runner is the deputy CFO, Mark Hall.
Mr Stanhope, who in 1967 joined what was then called the Postmaster-General's Department, will depart after 44 years with the company.
He was appointed director of finance in 1995 and helped with the gradual privatisation of Telstra in partial floats in 1996, 1999 and 2003.
By now a specialist in redundancy packages, Mr Stanhope has overseen the departure of about 45,000 staff in 15 years - from 76,500 in 1996 to about 30,000 full-time domestic staff this year.
Mr Stanhope was reportedly a contender for the top job when Sol Trujillo resigned in early 2009, but was beaten by Mr Thodey.
Mr Stanhope will stay on until December 30, 10 days after the deal with NBN Co either wins shareholder approved or lapses.
When he leaves, he will also retire from 10 board positions at companies associated with Telstra, including as chairman of Telstra Clear, and a director of Foxtel and Telstra Super.
He retains a spot on the board of the Melbourne International Jazz Festival.
Frequently Asked Questions about this Article…
Who is John Stanhope and why is he retiring from Telstra?
John Stanhope is Telstra’s chief financial officer who joined the organisation in 1967. At about 60 years old and after 44 years with the company, he’s retiring following a long executive career — including eight years as CFO since his 2003 appointment — and is believed to be looking for a 'post-executive' role. Telstra’s CEO David Thodey described his contribution as enormous, and analysts have praised the continuity he provided.
What role is Stanhope playing in Telstra’s proposed deal with NBN Co?
Stanhope’s final major task is helping the Telstra board secure shareholder approval for the company’s participation in the national broadband network deal with government-owned NBN Co. He will stay on until the outcome of that vote is decided.
How much money will Telstra receive from the NBN Co deal and over what period?
Under the proposed arrangement with NBN Co, Telstra would receive an after‑tax payment of $9 billion spread over the next 35 years, according to the article.
When will John Stanhope officially leave Telstra?
Stanhope will remain in his role until December 30, which the article says is 10 days after the NBN Co deal either wins shareholder approval or lapses.
How long has Stanhope worked at Telstra and what key finance roles has he held?
Stanhope joined the organisation (then the Postmaster‑General’s Department) in 1967, was appointed director of finance in 1995, and became CFO in 2003. He helped oversee the company’s gradual privatisations, including partial floats in 1996, 1999 and 2003.
What was Stanhope’s involvement in Telstra’s workforce changes?
As a specialist in redundancy packages, Stanhope oversaw the departure of about 45,000 staff over roughly 15 years, with Telstra’s full‑time domestic headcount dropping from about 76,500 in 1996 to around 30,000.
Who is likely to succeed John Stanhope as Telstra CFO?
Telstra has started looking for a replacement and BusinessDay named the deputy CFO, Mark Hall, as the front runner to succeed Stanhope, according to the article.
Which Telstra-related board positions will Stanhope leave when he retires?
When he departs Stanhope will retire from around 10 board positions associated with Telstra, including serving as chairman of Telstra Clear and as a director of Foxtel and Telstra Super. The article notes he will retain a board spot on the Melbourne International Jazz Festival.
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