(Reuters) -Australia’s Telstra Corp Ltd said on Wednesday that Chief Financial Officer Vicki Brady will succeed Andrew Penn as the chief executive officer of the telecom firm.
Brady takes over the top job on Sept. 1 and will work with Penn over the coming months to ensure a smooth transition, the company said.
Penn, who joined Telstra as CFO in 2012 and had been CEO since May 2015, “would leave a positive and enduring legacy for the transformation he has led during his time as CEO,” Chairman, John Mullen said.
On Tuesday, Telstra said it will form a new holding company, Telstra Group Ltd, as a part of the final steps of its restructuring program.
Brady, who will be based out of Sydney, will receive a fixed remuneration of A$2.3 million ($1.73 million) per annum in her new role, the statement added.
($1 = 1.3323 Australian dollars)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Shailesh Kuber)
