Telstra chairman resigns

Telstra chairman Bob Mansfield has resigned, arguing that the 'bond of trust' the board needed to operate effectively had been broken.

In a personal statement posted on the Australian Stock Exchange (ASX) website, Mansfield said his resignation was effective from 14 April.

'It is with regret that I have resigned, but the accountability factor is clearly on me as chairman, and I accept that,' Mansfield said in the letter.

He said it had become evident to him that 'the bond of trust necessary for the board to operate effectively has been ruptured.

'As chairman, I cannot be accountable for the actions of individual directors, but I do accept that the board cannot operate as it does now and that the chairman, in those circumstances, bears responsibility.'

Mansfield said he hoped the appointment of a new chairman would 'address the issues that have been affecting the company'.

John Ralph, deputy chairman at Telstra, has been elected by the board as interim chairman until a new person is appointed, according to a statement by Telstra.