Telstra CEO Andy Penn is stepping down

Telstra’s CEO of seven years Andy Penn is stepping down, with CFO Vicki Brady to take the role as of September 1.

Telstra CEO apparent Vicki Brady
Image: Telstra

Brady is following the same path as Penn, who first joined Telstra as CFO in 2012 and was elevated to CEO in 2015.

Penn’s tenure as CEO coincided with the existential challenge of losing the bulk of Telstra’s fixed line business to NBN Co, turning the incumbent into a reseller of broadband services, while at the same time rolling out 4G services and charting the migration to 5G.

In an announcement to the Australian Securities Exchange, Telstra chair John Mullen singled out Penn’s management of the T22 strategy as his major achievement, delivering a “transformed experience for customers, shareholders and employees”.

“There’s no doubt the strategy has delivered beyond expectations and has laid the foundations for Telstra’s recently announced T25 strategy and a renewed focus on growth and innovation," Mullen said.

“During his time as CEO, Andy has driven a focus on digitisation underpinned by a commitment to simplifying our products and services.

“He has also maintained our leadership in networks, including recently through our investment to lead on 5G.”

Mullen said Brady has the experience to be Penn's successor, having developed go-to-market plans as part of T22.

Brady has also "played a key leadership role in the development of Telstra's T25 strategy and is well placed to lead the company through its next phase," Mullen said.

"She could not be more qualified to take over the role to deliver on our T25 commitments."

Brady’s first joined Telstra in 2016 as group executive, consumer and small business, before assuming the CFO role in 2019.

Having begun her career with KPMG, she has also worked for Optus and SingTel.

Brady holds a bachelor of commerce from the Australian National University, and a master of science in management from Stanford.