Adios Trujillo!

Well, the sol has set on Sol. He has decided to pack up his millions and to return to the US.

When he started at Telstra the share price was $5.06. Today it is $3.77.

And he thinks that he has done a good job?

And this from TB:

SOL’s LIGHT GOES OUT! (Finally)

Sol Trujillo has finally pulled the pin.

http://www.news.com.au/0,,qld,00.html

Big cheer in this household.

Big problem now is that we don’t get a “government’ stooge, to agree with Mr Conroy’s claptrap.

Will this open the way for a new broadband application from Telstra?

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29 Responses

  1. Hey, joni, better consolidate our posts!

  2. conSOLidate?

    funny tb

  3. LOL! Great minds, joni

  4. opps, sorry KL

  5. TB

    Done… have dropped yours into mine (fnar fnar) and have deleted yours.

  6. He has good taste in suits and made a lot of money, what more do you people expect…???!!

  7. reb, on February 26th, 2009 at 10:18 am

    With that criteria I suppose you’re thinking of applying for the job, Tassie Boy?

  8. Leaving on 30 June. Is this also a taxation issue so he can leave with even more millions after his stunning employee relations successes, his amazing loss in the share price, his astounding remuneration packages for his and his amigos together with his hostile attitude to our government and culture.

  9. I worked for them between 1980 and 1982 do you think I have a chance ? I will work for $100,000 plus super as this is a 100% increase on my current income.

  10. Great news indeed. Here comes the broadband but also the filter (which I don’t actually care about anyway)

  11. I’d put money on this “timely” leaving being at least partially due to the national broadband gamble backfiring. Think about it, if the other guys get it (and this is no longer a flight of fancy given Telstra is currently out ot the running); the value of Telstra’s monopoly starts to plummet (and hence the share price starts to fall so fast it breaks the sound barrier).

    Got to get out while the bonuses are still good. Given his previous ventures, if Telstra shares were to simply remain at current value I’d be seriously shocked. Good ole Sol always gets out just before the company starts to collapse.

  12. Sol just gives and gives and gives until it hurts. Unbelievable!

    10,000 jobs axed, more to come – Trujillo
    http://www.theaustralian.news.com.au/story/0,25197,25109279-12377,00.html

    SOL Trujillo says more than 10,000 Telstra jobs have been axed since he became chief executive of the telco and there are more job losses to come.

    Telstra said it would cut up to 12,000 jobs as part of a five-year transformation plan which started when Mr Trujillo started with the telco in 2005.

    Mr Trujillo confirmed on Thursday that 10,143 jobs had been cut since he arrived and more were to come as people working on the company’s transformation completed their tasks.

    “I think that there is more that will come naturally,” Mr Trujillo told journalists on Thursday.

    “We do a lot of contracting, we do a lot of other work, in terms of our transformation, and a lot of that work will go away.”

    More to come.

  13. Good riddance. Wish same would happen to Conroy.

    The broadband filter is a dumb idea. Has ‘Big Brother’ written all over it. If it turns out we can’t access Wikipedia & other bona-fide research sites/blogs due to government kowtowing to the the apathy of parents & natural curiosity of younguns, then the government will pay a big price.

    Certainly appropriate filtering is useful in schools, libraries and other government funded institutions that children gain access to…but to fck w/ an entire communication system to appease the apathetic, the workaholics, the religious sticky beaks and so on…bloody stupid I reckon. Might as well have Tony Abbott as PM.

    What next?…censorship of PayTV?

    N’

  14. Might as well have Tony Abbott as PM.

    *shudder*

    perish the thought….

  15. I was talking to a customer a couple of hours ago and she has invested $495 to buy a share of an amercian company who is apparently joining forces with Optus in offering a different type of phone for land lines.

    Not really sure how it is all going to pan out and could be a con.

    Or it just could be something Sol knows about and is fleeing before Telstra has a true competitor with clout.

  16. While I’m no great fan of Telstra, I always prefer to support Australian based companies.

    As a company with its base here, Telstra supports careers in our technical and telecommunications development. Overseas companies will roll out the service of a product developed elsewhere.

    Overseas company will structure to have minimal professional positions here, they won’t duplicate anything that exists in their own head office. While Telstra obviously sends some services offshore, and seeks to squeeze more out of less of its people, it still maintains a very large workforce here.

    So I’d always suggest a little reflection on the positives, rather than kicking some of our icons.

  17. @Tom of Melbourne:
    I support local companies to the extent they support the Australian community. Telstra has been artificially inflating prices and delaying technological improvements to communications for quite some time.

    I used to work for a company working with one of the two other “big telcos” in Australia. They have a legal department dedicated to tackling Telstra; both to get Telstra to comply with it’s legal obligations (statutory and contractual) and deal with the bull-dust that Telstra brings up to delay any innovation threatening their stranglehold on Aussie communications. Nigh on everything that these non-Telstra telcos do has to add “court delay” time because they know it’s going to happen regardless of actual legal merit.

    On a related note, I reckon Pacific Brands will suffer a backlash for firing so many people. It is unrealistic to expect Australia to compete successfully in the textiles industry (other countries can retail for less than the wholesale cost of stuff made here); but that is not going to stop the bad feelings toward “aussie brands” going overseas.

  18. So does this open the door for Costello to pick up a private sector job?

  19. @Dave55:
    *laugh* Nearly spat coke all over my keyboard from that one!

  20. “So does this open the door for Costello to pick up a private sector job?”

    lol Dave55.

    I reckon Steve Bracks will beat him to the punch…:)

    N’

  21. N/

    Poor old Cossie – always being looked over for someone else 😉

    If you were being serious about Bracks, I doubt it. While he would probably be very capable in the job, it would be seen too much as Jobs for the boys. I’m actually curiaous about who the Board will pick because the fall out from the GFC has identified flaws in a lot of high profile CEOs.

    As a further aside from my digs at Cossie, Telstra hasn’t actually dropped in value by very much (in % terms) over the past 12 mths comparred to a lot of other stocks.
    http://markets.smh.com.au/apps/qt/quote.ac?section=charts&sy=smh&code=TLS&time=1yr&freq=1dy#topOfChartsAnchor
    If you had your money in telstra in July last year, the price has only dropped by a bit over 10% which is reasomnable given the much larger tumble in the ASX 100 and 200. So maybe Sol’s efforts aren’t as bad as we make out.

  22. hmmm – I’m ‘curious’ as well as ‘curiaous’ 😳

  23. I believe you will see a bit of value drop from Telstra in the coming months. I was not kidding about Sol’s history of leaving companies just before they implode. It doesn’t take a financial genius to guess the odds of Telstra’s share future in the short & medium term (especially if they don’t get their chit back in the NBN project).

  24. nasking, on February 26th, 2009 at 2:10 pm Said:

    “So does this open the door for Costello to pick up a private sector job?”

    lol Dave55.

    Costello? Telstra? The guy didn’t have a clue when the government were major shareholders and my guess is he still doesn’t.

    There’s certainly a few people I advised to get out of Telstra shares back when their shares were at record highs, over $8, who are glad they followed my advise. It was always going to be a sh%t-fight for Sol and his Amigos and there approach to turnarounds was always going to be ruthless.

    A case of hear no evil, see no evil
    Opinion from Australian
    http://www.australianit.news.com.au/story/0,24897,20201956-15425,00.html
    AUGUST 22, 2006

    HERE’S something to really amuse Telstra shareholders. Back in June 1999, The Weekend Australian ran a piece under the headline “Why Telstra’s a Real Humdinger”.

    “The growth premium you are being asked to pay for Telstra now does not take into account any of the goodies in the pipeline that are likely to start appearing over the next couple of years.” That was a huge sales pitch and was always going to be an impossible task.

    As a majority shareholder and regulator, the federal Government has an interest in selling its shares at a premium price and an obligation to ensure the telco functions and will continue to function properly. Given the Government has so much of our money invested in the telco, it should have been monitoring our investment much more closely. Mr Trujillo and his team have attempted to reveal the true operational state of the telco, something that has been conveniently ignored. The PM admits he was aware the share price was being propped up by redirecting profits to shareholders as dividends instead of reinvesting in operational requirements. Mr Costello heard rumours but ignored them because, he claims, it was not his area of responsibility. What I think we have here is a case of hear no evil, see no evil, and that is what’s hurting investors.

    – John McPhilbin

  25. “I believe you will see a bit of value drop from Telstra in the coming months. I was not kidding about Sol’s history of leaving companies just before they implode.”

    There’s no doubting that – and he got out while the going was good in his last job.

    February 29, 2000 12:55 PM PST
    US West CEO Trujillo to resign
    http://news.cnet.com/US-West-CEO-Trujillo-to-resign/2100-1033_3-237421.html
    Citing differences in vision with Qwest Communications chief executive Joe Nacchio, US West CEO Sol Trujillo said today he will step down after the two companies have merged.

    SEC brings fraud suit against ex-Qwest chief
    6 others also accused of inflating results
    By Barnaby J. Feder
    Published: THURSDAY, MARCH 17, 2005
    http://www.iht.com/articles/2005/03/16/business/qwest.php
    The U.S. Securities and Exchange Commission has sued Joseph Nacchio, the former chief executive of Qwest Communications International, and six other former executives, accusing them of orchestrating a $3 billion accounting fraud intended to mislead investors during the telecommunications bubble and its bursting.

    The civil complaint, which grew out of an investigation by the SEC lasting more than two years, was filed on Tuesday in U.S. District Court in Denver, where Qwest is based, and covered the period from April 1, 1999, to March 31, 2002.

    The SEC is seeking to force Nacchio and his associates to give back gains they made, in the form of higher salaries, bonuses and stock sales, from inflating Qwest’s financial results. Nacchio alone reaped $216 million, according to the complaint, and the others’ profits came to $84 million.

    Nacchio, through his lawyer, denied any wrongdoing.

    The SEC complaint also contended that Nacchio and his subordinates inflated revenue they had reported to investors as part of a scheme to persuade shareholders of US West to allow their company to be acquired by Qwest in a deal in 2000.

  26. Good riddance to bad rubbish.

    & amen to what Ben Tolputt said in his comments.

  27. “& amen to what Ben Tolputt said in his comments.”

    I’ll second that Toiletboss.

    Good researching John.

    remember this from sept 06 Dateline?:

    http://news.sbs.com.au/dateline/sol_trujillo_on_the_line_130713

    N’

  28. Just watching ABC News which reports that Silly Sol’s golden handshake will be in the order of $30 million. An average of $7.5 million a year on top of an outrageous salary, plus bonus and an unlimited expense account.

    Had a clip from Donald McGauchie saying that Silly Sol did a good job. Talk about low standards.

    Donald McGauchie of course was the one who selected Sol and of course he would say that.

    The intellectual porn continues.

  29. While Telstra obviously sends some services offshore, and seeks to squeeze more out of less of its people, it still maintains a very large workforce here.

    So I’d always suggest a little reflection on the positives, rather than kicking some of our icons.

    Can’t support a company that treats it’s loyal workforce so reprehensibly and bargains in such bad faith with it’s competitors.

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