(Reuters) – Australian company Telstra said on Monday that its chairman, John Mullen, will retire at the close of this year’s annual meeting on Oct. 17.
After serving on the board of the major communications company for 15 years, the company said Mullen will be succeeded as chairman by current director Craig Dunn. Mullen has served as Chairman of the Board for the past seven years.
Dan first joined the Telstra Board in April 2016 and currently serves as the Chairman of the Audit and Risk Committee with over two decades of experience in financial services in Australia and Asia.
Telstra is targeting net cost reductions of A$500 million and mid-digit underlying EBITDA growth through fiscal ’25.
The country’s largest telecoms company expects EBITDA to be between A$8.2 billion and A$8.4 billion (US$5.38 billion) for the 2024 fiscal year, up from A$7.86 billion in the previous year.
($1 = 1.5603 Australian dollars)
(Reporting by Aishwarya Nair in Bengaluru; Editing by Diane Craft)