Telstra outgoing chief executive David Thodey has said his high salary is indefensible when compared to those of other employees, and called on Australia's companies to shrink the gulf between their top executives and worst-paid staff.

Speaking to Fairfax Media on his last official day in Telstra's top job, Mr Thodey was frank about his high wages. He has earned over $27 million in cash and vested shares in the three years to July 2014 - $12.84 million of which was during financial year 2014 alone.

Former Telstra CEO David Thodey will chair the $190 million Jobs for NSW fund, aimed at funding employers in the state. Credit:Louie Douvis

But unlike some of his fellow CEOs, Mr Thodey is not seen as a flashy spender and continues to own and use a Toyota Corolla as his main car. He has also brought Telstra back from the brink of failure to its highest share price in 14 years.

Mr Thodey's controversial predecessor Sol Trujillo was paid more during his term, earning $13.39 million in financial year 2008 alone.