BIG news for the corporate world today as well regarded Telstra chief executive David Thodey has announced his retirement after six years at the helm.

Mr Thodey took over the organisation in May 2009 following the controversial reign of divisive former chief executive Sol Trujillo. Mr Thodey, one of the most high profile CEOs in the country, announced his retirement from Telstra on the ASX this morning.

From a consumer perspective, Mr Thodey has been credited with shifting a greater focus on customer service within Telstra, which had previously been plagued with customer complaints. Telstra has doubled its value from below $40 billion to more than $80 billion during his tenure.

He originally joined Telstra in 2001 as group managing director of mobiles.

He will formally step down from the role on May 1 and will remain with Telstra until the end of the financial year.

“David has been an outstanding chief executive for our customers, shareholders and employees. His passion for customer service and instigating true cultural change has had an enormously positive effect on our company, which has been reflected in our financial performance in recent years,” Telstra chair Catherine Livingstone said in a statement.

“David has also taken a significant leadership role in the Australian business community, particularly during his involvement with the B20 last year.”

Telstra chief financial officer Andrew Penn has been appointed as chief executive and will take over in May. Mr Penn has more than 30 years’ experience in management, finance and strategy positions.

Mr Penn said: “Telstra plays a critical role to provide leading technology solutions and service to our customers in the consumer, business and broader social environment.

“The Telstra board and leadership team has developed compelling plans to 2020 and beyond, which will expand our capability as an increasingly global connectivity company and position us for future growth.”

Mr Thodey’s retirement marks an eventful 12-month period at the top of Australia’s business circles which also saw Westpac boss Gail Kelly and NAB chief executive Cameron Clyne resign.