CEO-elect Andrew Penn says Telstra will invest in technology

Andrew Penn. Robert Prezioso/Getty Images

Telstra will continue to invest in new technology, says Andrew Penn, who will be the new CEO in May.

At a media briefing, he said he would be investing his time in building all parts of the Telstra business.

“We will continue to invest in technology,” he said.

In a response to a question, Penn said Telstra doesn’t have a target for a proportion of its business generated form Asia.

Telstra has recently invested heavily in the region. In December, Telstra bought Singapore and Hong Kong based-Pacnet for US$697 million (AU$858 million) in a deal which will give it infrastructure, more customers in Asia and a virtual private network and data centre services in China.

He signed his new contract with Telstra this morning.

“The priority for me will be ensuring a smooth transition,” he said. “The company is really in a very good position.”

He will be spending time with the management team to see how they work together.

“I am a passionate believer that very successful companies are led by highly performing, successful teams and I believe that’s what we have at Telstra,” he said.

Asked about what changes he would make at Telstra, he said: “David is the ceo until May 1 and I am very much in my role of the CFO until then.”

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