New Telstra CEO on A$2m a year

Telstra's new chief executive David Thodey will earn a total fixed annual remuneration of A$2 million ($2.57 million), including superannuation payments.

Documents filed with the Australian Securities Exchange today said Thodey's fixed remuneration will be reviewed each year.

Any resulting changes will take into account Telstra's performance, Thodey's personal performance and relevant market and economic information.

Telstra said Mr Thodey may elect to receive part of his fixed remuneration as benefits, in line with the company's salary packaging guidelines.

Thodey will also be entitled to short and long term term incentives under his contract.

He was named as Telstra's new chief executive on May 8, replacing Sol Trujillo, who left the company later in May.

Trujillo was paid A$3 million in fixed remuneration for 2007/08, according to the telco's last annual report. His total remuneration package was A$13.4 million.

- AAP