in brief Telstra director Peter Willcox has stood down from the Telstra board three months early due to his involvement in the James Hardie asbestos law suit.
The former chief of BHP, brought in by former chairman Donald McGauchie, announced in May that he had tendered his resignation to the board due to his concern that the asbestos law suit against James Hardie may cause the telco embarrassment.
Willcox was one of 10 James Hardie directors targeted by the Australian Securities and Investments Commission over breaching his duty of care as a director.
Telstra's board had in May asked Willcox to stay until November when it will hold its Annual General Meeting; however, it today said Willcox would cease to be a director immediately.
"Mr Willcox has made an important contribution to the board as a highly respected member of the Audit, Nomination, Remuneration and NBN Committees," Telstra company secretary Carmel Mulhern said in a statement to the Australian Stock Exchange.