The Chairman of Telstra Donald McGauchie will announce his resignation at 10.00am today at a Melbourne press conference.
The news comes only hours after David Thodey was appointed the the CEO position at Telstra following a day long Telstra board meeting in Sydney.
McGauchie will be replaced by current board director Catherine Livingstone.
McGauchie, who also sits on the board of the Reserve Bank of Australia, said he resigned having completed the group’s CEO selection process.
Peter Willcox will also leave the board in November “due to his concern that the James Hardie judgment may cause embarrassment to the company”, Telstra said.
Willcox is one of 10 former James Hardie executives and directors found to have breached their duties in a New South Wales Supreme Court ruling last month.
Willcox won’t stand for re-election at Telstra’s 2009 annual meeting.