Telstra reappoints Ziggy until 2007

Telstra CEO Ziggy Switkowski has had his contract extended until December 2007 on a base annual salary of $1.455 million. With performance bonuses including deferred share payments his pay packet could reach $7.2 million a year. But Telstra chairman Bob Mansfield said it would take a “super performance” to reach this figure and the likelihood was “incredibly slim”.

Since taking over the helm in March 1999, Switkowski has presided over a 42 per cent fall in shareholder value. The telco is expected to announce its lowest annual profit in five years on August 28 with analysts expecting a net profit of about $3 billion, compared with last year's result of $3.66 billion.

Sydney Morning Herald, 28/8/03.