Telstra profit drops 33% … Blackmores announces new chief executive … Small business ombudsman gets tick of approval

Telstra

Telstra has discussed its billion-dollar cost cutting plan as it announced a 33% drop in net profit after tax for continuing and discontinuing operations in the last financial year.

Business Insider reports the telco has outlined how it cut 1,366 full time positions last year and doubled its redundancy payments to $313 million for the 2017 financial year, as the company looks to find $1.5 billion in savings by 2022.

Earnings for the company increased 2% to $10.7 billion for the year, but net profit after tax from all operations decreased 33.8%, to $3.9 billion.

New Blackmores chief announced

Vitamins business Blackmores has hired from within its own ranks to replace outgoing chief executive Christine Holgate, selecting Richard Henfrey to take over after Holgate’s recent move to Australia Post.

Henfrey, who has a Cambridge degree in natural sciences, has been a senior leader at Blackmores since 2009 and has been chief operating officer of the company for the past three years.

Blackmores chairman Stephen Chapman has said Henfrey’s role in developing strategy for Blackmore’s entry into Asia over the past eight years means he is well placed to take over as leader, reports AAP.

Review shows small business ombudsman is “working well”

Small Business Minister Michael McCormack has released details from a review into the operation of the Australian Small Business and Family Enterprise Ombudsman, which shows Kate Carnell’s office is making a “significant contribution” to the nation’s million small businesses.

A year after the office was established, a review that called on feedback from 30 stakeholders found the system is working well “especially on inquiries into specific matters which affect small businesses across the country,” McCormack said in a statement.

In 2016, the ASBFEO office received 2,000 requests for assistance from those in the SME community, according to the Minister.

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