CEO Andy Penn talks Telstra half year 2018 financial results
By Andrew PennFebruary 15, 2018
Today we released our key financial results, updating shareholders and customers on how we have delivered against our strategy and the progress we are making on our strategic investment program.
I’m pleased to say that our results for the first half of FY18 are in line with guidance. It was a strong performance especially in terms of mobile net customers adds, churn and nbn.
We’ve done this despite being in a significant period of change. Whether it’s the migration to the nbn, the competitive challenges, the ever-accelerating pace of technological change and as we prepare for the transition to 5G.F
Against this background we need to increase our level of intensity. We need to do more, and we need to do it faster, so I’m committed to driving a greater sense of urgency in everything we do. For example, we’re stepping up how we aggressively compete in the mobile market by leveraging our multi-brand strategy including Telstra Belong, Boost and Wholesale.
We have made good progress on our productivity programme with a cost reduction of 7.2% in fixed core costs in the half and we are confident we can continue to deliver on our commitments.
We also continue to accelerate the strategic program of investment which I fundamentally believe is critical both to simplify and streamline 100 years of heritage and to lay the foundation for the future.
At the same time we are scrutinising every aspect of our capital spending to ensure our investments drive the greatest results. And we are driving future growth with new opportunities emerging from the core of the business.
Andy Penn became the CEO and Managing Director of Telstra, Australia’s largest telecommunications company, on 1 May 2015. At Telstra, Andy is leading an ambitious change program transforming the business to be positioned to compete in the radically changing technology world of the future with 5G at its core. Andy has had an extensive career spanning 40 years across 3 different industries - telecommunications, financial services and shipping. He joined Telstra in 2012 as Chief Financial Officer. In 2014 he took on the additional responsibilities as Group Executive International.
Prior to Telstra, Andy spent 23 years with the AXA Group, one of the world’s largest insurance and investment groups. His time at AXA included the roles of Chief Executive Officer 2006-2011 AXA Asia Pacific Holdings, Chief Financial Officer, Chief Executive Asia and Chief Executive Australia and New Zealand. At AXA, Andy was instrumental in building one of the most successful Asian businesses by an Australian company that was sold to its parent in 2011 for more than A$10bn.
Other directorships & appointments: Member of the Council of Trustees of the National Gallery of Victoria; Board Director of the Groupe Speciale Mobile Association (GSMA); Chairman of the Australian Government’s Cyber Industry Advisory Panel, created to guide development of Australia’s 2020 Cyber Security Strategy; Patron, on behalf of Telstra, of the National Aboriginal and Torres Strait Islander Arts Awards (NATSIAA); Life Governor of Very Special Kids and an Ambassador for the Amy Gillett Foundation. He serves on the advisory boards of both The Big Issue Home for Homes and JDRF.
Recognition and qualifications: MBA (Kingston), AMP (Harvard), FCCA, HFAIPM. Andy has a national diploma in business studies (with distinction), is a Fellow of the Chartered Association of Certified Accountants, holds an MBA from Kingston University and is a graduate of Harvard’s Advanced Management Program. In 2008 Andy was recognised as Insurance Executive of the year in the Australian Banking and Finance Awards and in 2016 he was made an honorary fellow of the Australian Institute of Project Management. In 2018 Andy was named by the Financial Times among the top 10 male leaders globally HERoes list supporting women in business. In 2019 he was named by the Australian Financial Review as among the top 10 most powerful people in business.
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