Feb 26, 2009

McGauchie loves Sol, shareholders not so much

The worst-kept secret in corporate Australia has been confirmed, writes Adam Schwab.

It was certainly fun while it lasted.

This morning, Telstra confirmed the worst-kept secret in corporate Australia, announcing that CEO Sol Trujillo was resigning his role and returning to the United States at the end of June. Telstra chairman, Donald McGauchie was effusive in his praise for Trujillo, noting that “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.”

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7 thoughts on “McGauchie loves Sol, shareholders not so much

  1. Andrew

    I am no fan but I am puzzled by the article saying he was paid certain sums “notwithstanding his substantial wealth” What does this mean? If I have money – should I be paid less by my employer because of this?

  2. Fact

    Telstra – for to long Australia’s shocking embarrassment. Further, Telstra’s gross incompetence (and I suspect corruption) was demonstrated by choosing Sol Trujillo as CEO. Telstra’s management fears only one thing, competition – and the gravy train is over. What a con on the Australian public.

  3. stevo the working twistie

    No Venise, you are definitely not the only one. I am in the unfortunate position of being an employee, a shareholder and a customer, and none of me is satisfied. I have seen dozens of my colleagues shown the door in the past few months (our greatest assets, not!). I have seen the value of my shares plummet. I have seen the level of customer service deteriorate to the piont of farce because of Sol’s misconcieved “transformation” and his gutting and outsourcing of service centres. He has feathered his nest nicely, as well as those of his amigos and sundry “consultants” over the past four years. As far as I’m concerned that money has come out of OUR pockets.

    Don’t let the door hit you on the way out. And don’t feel welcome to come back any time.

  4. John A

    Yes, an unlikeable person. The cat that got the cream but destroyed a brand as well as superannuation and retirement plans of so many. The company now needs to be humanely put to sleep, forever.

  5. Venise Alstergren

    Am I the only person to feel physically sick at the obscene payout to this Mexican madman?

  6. spotbanana

    No, Venise, I nearly puked when I heard the figure. And then I did when I heard the rise that the CEO at Pac Brands got.

  7. Venise Alstergren

    Am I the only person to feel physically sick at the obscene payout to this Mexican madman?

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