Friday 27 February 2009

Don't forget to count the silver as he leaves.........


It's finally been announced that Sol Trujillo is quitting as Telstra's CEO in June 2009, after a less than stellar career which also saw him receive salary packages which turned many an Aussie corporate type green with envy:
Notwithstanding his substantial wealth, the Telstra board authorised payments to Trujillo of $8.7 million in 2006, $11.78 million in 2007 and $13.39 million in 2008 (Trujillo's 2009 remuneration will be revealed later this year). Remarkably, Trujillo also managed to receive between 86 and 88 percent of his short-term cash bonus in any of those three years, despite Telstra's share price underperforming rivals such as AT&T and SingTel.
Here in the Northern Rivers Telstra's mobile phone service is still patchy, Big Pond internet connections frequently don't operate at advertised speeds and retirees who included telecommunications stock as part of their nest egg are severely disappointed because Telstra share prices went down under Trujillo and stayed there.
When Sol left US West Communications he was said to have walked away with a cool US $72 million in his pocket.
We don't know how much Sol will get in his latest golden handshake, but will someone please count the family silver as he exits the country.

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