Telstra plans a further $500m in cost cuts in new ‘strategy for growth’

Telstra is looking to slash a further $500 million in fixed costs over the next three years as part of a new strategy designed to grow the company and maximise shareholder returns.

The $3.9 billion telco giant on Thursday morning unveiled its so-called T25 strategy, which will be implemented following the conclusion of its current transformation plan at the end of this financial year.Telstra chief executive Andy Penn said the new strategy was focused on four areas: customer experience, technology, value for shareholders and creating a place where people want to work.

While the telco’s current transformation plan T22 was a “strategy of necessity”, T25 was a “strategy for growth”, Mr Penn said. “When we deliver T25, we will be a vastly different company, again,” he told investors. T25 is the second major strategic initiative implemented under Mr Penn, who took the helm of Telstra in 2015. In 2018, Mr Penn launched Telstra 22, a transformation plan that included about 8000 job cuts to help achieve $2.7 billion in savings by the end of this financial year. In March,

Source: News Formal (newsformal.com)

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