Australia’s Telstra Corp. Ltd. has started searching for a new chief financial officer after its long-standing CFO, John Stanhope, confirmed that he would retire at the end of this year.
Mr. Stanhope, who has been serving Telstra for more than four decades, will step down from his position on December 30, 2011.
He joined Telstra in 1967, and involved in the T1 and T2 share sales after the Government privatized the company. He became director of finance in 1995.
After becoming CFO, Mr. Stanhope managed the company's involvement in the Federal Government's T3 share sale. He also managed the company’s negotiation with the Government on the National Broadband Network (NBN) agreement.
Praising Mr. Stanhope’s contribution to the Telstra’s growth, CEO David Thodey said, "John Stanhope 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."
Mr. Thodey said that the company had already started searching for Mr. Stanhope's replacement.
Last week, Telstra penned a contract with the federal government on the sale of its infrastructure to NBN Co, from which the company is expected to pocket $11 billion.
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