Telstra Super CEO resigns
17 Jun 2008
The Board of Telstra Super has today accepted the resignation of Terry McCredden as CEO of Telstra Super and as a Director of Telstra Super Financial Planning.
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Terry McCredden has been CEO of Telstra Super since its establishment in 1990, and during this time the fund has undergone significant changes, all of which have Telstra Super at the forefront of the industry: - establishment of Telstra Super Financial Planning Pty Ltd to provide financial planning to members at no extra cost
- creation of an in-house funds management function
- implementation of daily unit pricing to make investment performance more transparent for members
- successful application for a public offer licence to enable family and former members to join the fund.
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According to the Chairman of Telstra Super, Clive Batrouney, “Terry was instrumental in growing the fund beyond its base as Telstra’s corporate fund, with 60% of the members now outside the Telstra Group. He has overseen the fund’s rapid growth to become Australia’s largest corporate superannuation fund, with 93,000 members and $10.5b in funds under management.”
The Board acknowledges the significant contribution Terry McCredden has made to Telstra Super and the benefits that have flowed through to members in improved services, fee reductions and investment outcomes, and thank him for his long and distinguished service with the company.
Terry McCredden’s last day at Telstra Super will be 11th July 2008. The Telstra Super Board has confirmed that Martin Crowe will be appointed as Acting CEO of Telstra Super. Martin Crowe has been with Telstra Super for 8 years as Chief Financial Officer and Company Secretary, and sits on the Audit and Compliance and Remuneration Committees.