Telstra appoints new CFO

AXA group chief takes on Stanhope legacy.
Telstra has appointed Andrew Penn, former chief of superannuation and insurance firm AXA, as its new chief financial officer and group managing director finance.

The appointment marks an almost five-month search to replace outgoing Telstra veteran John Stanhope.

Stanhope will step down from the role on December 30 after 16 years as CFO, and 44 years at the company.

Penn will take on the role from March 2012, with deputy CFO Mark Hall acting in the interim.

The March appointment will come after Telstra is expected to fully bed down final negotiations with the competition watchdog surrounding its structural separation plan, concreting its $11 billion deal with NBN Co and the Federal Government. 

Telstra chief executive David Thodey said Penn was chosen for his "demonstrated ability to create shareholder value in complex businesses", key criteria for the company's ongoing transformation process.

It is understood that both internal and external candidates were considered for the position.

England-born Penn has had a financial career spanning more than three decades and was group chief executive of AXA Asia Pacific for 20 years, until the company's merger with AMP earlier this year.

Penn reportedly received a $17 million payout from the deal.