Telstra said Senior Executive David Thodey will replace Sol Trujillo as CEO. The board voted in favour of Thodey
instead of 40-year TLS veteran John Stanhope. Thodey is 54 years old, is described as urbane and articulate and is said to be popular with the government – always a good thing. (Plenty of bridges to re-construct after Trujillo’s reign) It’s an internal appointment as speculated. TLS up 3c this morning to 327cTLS announced a few other management changes- Chairman Donald McGauchie will stand down and be replaced by current board director Catherine Livingstone. Peter Wilcox has resigned and John Stanhope was appointed executive board of directors. Telstra also reiterated FY10 free cash flow and guidance. If they keep their word – the dividend won’t be cut. (Worth noting that Telstra isn’t the stock to be buying if you want to be participating in the market recovery, it’s a defensive institutional stock.