Telstra’s chief financial officer John Stanhope is to retire after 43 years at Australia’s largest phone company.

Last week Telstra signed an A$11bn deal with the federal government on the sale of its infrastructure to NBN Co.

"John Stanhope has been a driving force in landmark events including privatisation and the conclusion last week of definitive agreements with the NBN Co and federal government," chief executive David Thodey said in a statement.

"We look forward to him continuing to play a critical role as we seek shareholder approval for Telstra's participation in the National Broadband Network."

Stanhope will step down from the board at the end of the year.

Louise Duffy | 30-06-2011