TLS 0.00% $3.43 telstra corporation limited.

ziggy reappointed and forecasts

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    Telstra Corporation (TLS) on Wednesday announced that it had reappointed chief executive officer Ziggy Switkowski until 31 December 2007. The news comes ahead of its full year profit result tomorrow which analysts expect to come in at around $4.0 billion.

    Chairman Bob Mansfield said that Ziggy’s existing 5 year contract was due to expire in March 2004 and that the renewal would provide continued certainty for the telco’s direction.

    Under Switkowski’s reign, Telstra has posted full year profits of $3.69 billion in 2000, $4.058 billion in 2001 and $3.66 billion in 2002. He also presided over the “Telstra 2” privatisation of a 14% stake in the company with the shares being sold to retail investors at $7.40 each in October 1999.

    “To be frank, it would have been a big surprise if they had reappointed anyone else,” commented SHAW Stockbroking’s head of industrial research Scott Marshall.

    Mr Marshall is forecasting the company to post a profit for the year ending 30 June 2003 of around $4.1 billion before goodwill amortisation.
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