This has been rumoured and speculated on for weeks, but today Telstra announced that Sol Trujillo will be leaving his position as CEO of Telsta on June 30. Adios
Amigo!Despite just how easy it has been to rip into the guy, you can't deny that he did a lot for Telstra and its shareholders during his tenure. I mean they are making bucketloads of cash, and NextG is the best mobile network in the country, even if it is the most expensive. And that moustache is just so damn lustrous...
Here's the press release for your enjoyment. It will be interesting to see whether the company opts for another overseas appointment to replace Sol, but we'll have the next couple of months to watch that particular game of cat and mouse unfold.
Telstra CEO Sol Trujillo to depart company on 30 June
Telstra Chairman Donald McGauchie today announced that the company's Chief Executive Officer, Mr Sol Trujillo, would leave the company on 30 June 2009 to return home to the United States.
Mr Trujillo discussed his intentions with the Board yesterday.
Mr McGauchie said Mr Trujillo and the Board agreed that now was a suitable time for a transition to a new CEO given Telstra's transformation is well advanced and on track.
The Board, through its Nomination Committee, is well prepared with succession planning and will now formally commence a wide-ranging search for a suitable successor. The Board expects to make an appointment by 30 June 2009.
"On behalf of the Telstra Board I would like to congratulate Sol on his outstanding leadership and extraordinary achievements," Mr McGauchie said.
"His vision, strategic direction and commitment to execution have positioned Telstra as a media communications company with a wide range of options for ongoing growth.
"Under Sol's leadership, Telstra has significantly outperformed the market and its global peers, producing world-leading results within the telecommunications sector.
"The Next G™ network is undeniably the world's best national mobile broadband network and stands as Sol's crowning achievement."
Mr Trujillo thanked the Telstra Board and the company's employees for their strong support and commitment since his arrival in July 2005.
He said he would continue to drive the business until his departure at the end of June and work with the Board and senior management to ensure a smooth transition.
"I would particularly like to thank my senior management team and Telstra's employees who are truly committed to bringing world-leading services to our customers. The results we have achieved together over the past four years make me incredibly proud," Mr Trujillo said.
"Telstra is outperforming domestic and global peers in virtually every category. We are well positioned to hit the key transformation targets we set in November 2005 and I have every confidence that Telstra will continue to deliver world-leading results for shareholders."
Mr McGauchie said that Sol's many achievements include:
* the integrated Next G™ and Next IP™ networks * a critical role in the successful completion of Telstra's privatisation * driving innovation across the company * migration of seven million customers to Telstra's new IT platforms * the rollout of ADSL2+ to exchanges covering 82 per cent of the population * Market-Based Management and customer segmentation * the launch and rollout of the T[life] ™ stores * expansion into mainland China with successful new acquisitions
"In 2005, Sol presented to the Board and the market the performance and financial metrics by which he wanted to be judged. Without question, he has delivered," Mr McGauchie said.
"Sol will leave the company exceptionally well positioned for the future, and we wish him all the best.
"We look forward to Sol continuing to drive the business between now and June 30 and I have no doubt that his leadership of Telstra over the past four years will long be considered a pivotal and critical period in Telstra's history."