Telstra’s share price plunge cuts Penn’s pay by $1.6m

Telstra boss Andrew Penn will take home $5.2 million this year, almost $1.6 million less than he did a year ago as the telco’s plunging share price weighs on his share entitlements.

The Telstra chief executive earned $2.3 million in fixed remuneration for the full year to June 30, $1.49 million in short-term incentives and $1.04 million in long-term incentives, bringing his total pay to $5.21 million, according to Telstra’s annual report, which was released on Friday.

While Mr Penn’s short-term cash incentives rose, the big decline was in the long-term incentive, which was worth $2.8 million in 2015/16, based on a $5.56 share price, compared to the June 30, 2017 value of $4.30 used this year.