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Christine Lacy

Telstra’s new CEO Vicki Brady could earn almost $10m annually if she hits big targets

Christine Lacy
Newly crowned Telstra boss Vicki Brady could take home just under $10m annually if she hits big targets. Picture: Supplied
Newly crowned Telstra boss Vicki Brady could take home just under $10m annually if she hits big targets. Picture: Supplied

An out-of-the-box performance by newly-named Telstra chief Vicki Brady could see the 50-year-old newly-promoted finance boss earn almost $10m-a-year when she takes over the helm of Australia’s national telecommunications carrier.

Brady, 50, a mother of two girls who lives in the affluent upper north shore suburb of Killara, will take over from outgoing chief Andy Penn in September. Unlike Penn, who has led the group for seven years from Melbourne, Brady will lead the $46bn telco giant from Sydney.

Penn’s predecessor in the top job David Thodey also ran Telstra from the Harbour City.

In the most recent financial year, Penn as CEO took home a total package of $5.8m, while Brady as CFO was rewarded a total of $2.55m.

In her new role, Brady, who is also a director on the former Westpac boss Gail Kelly-chaired board of the elite Ravenswood School for Girls, will receive a base salary of $2.4m, which is the same as what Penn received in the most recent financial year. This compares to her base as CFO of $1.2m.

Last financial year, Macquarie Group chief Shemara Wikramanayake was the country’s highest-paid CEO, with total reported pay of $15.97m.

Brady’s CEO contract is open ended and requires six months notice on either side.

But for Brady, whose career has spanned stints as a chartered accountant at KPMG and executive operational roles at Optus as well as time on leave from Telstra from late 2018 to mid-2019 due to ill health, to max out her pay towards the $10m she would need to achieve stretch targets set by Telstra chair John Mullen’s board.

Those targets were not disclosed as part of the announcement of Brady’s appointment, but we do know that the new boss Brady already has $1.5m worth of Telstra shares.

Penn leaves with 2.2 million Telstra shares in his back pocket, worth $7.84m.

He and wife Kallie Blauhorn can buy plenty of art with that.

Read related topics:Telstra
Christine Lacy
Christine LacyMargin Call Editor

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Original URL: https://www.theaustralian.com.au/business/margin-call/telstras-new-ceo-vicki-brady-could-earn-almost-10m-annually-if-she-hits-big-targets/news-story/a2eb26a1cffcc77e328a0d3277e5bbd9