Stephen Rue has been named as the new CEO of Optus, effective from November 2024, following an exhaustive internal, external, and international search for suitable candidates. Rue currently helms Australia's National Broadband Network, a role he assumed in 2018 after joining the organisation as CFO in 2014.
Throughout his tenure at the National Broadband Network, Rue led the completion of the nation's broadband rollout, providing over 8 million Australian homes and businesses with fast, secure broadband connections. Notably, during the Covid-19 pandemic, he ensured Australians were able to transition swiftly to remote working using the Broadband Network resources.
Paul O'Sullivan, the Chairman of Optus, expressed his satisfaction with the appointment, stating, "Stephen was chosen after a rigorous process that involved a slate of high-quality candidates. We're extremely pleased to have someone of his calibre to lead the next chapter at Optus". O'Sullivan commended Rue's experience in developing Australia's digital infrastructure, predicting it would be beneficial in enhancing Optus' position as the nation's key challenger telecommunications brand.
Stephen Rue expressed his readiness to embark on this new journey, stating, "I'm honoured and excited to be given the opportunity to lead Optus, a company that has strived to serve Australians for over two decades". He affirmed his commitment to capitalise on Optus continuous investments in critical infrastructure to bolster the 5G network, particularly in regional Australia. Rightly, his ultimate goal is to ensure that Optus customers, the workforce and the business are cared for while sustaining a robust competition and guaranteeing choice.
Rue's appointment comes in conjunction with Optus' new governance model, designed to match the Singtel Group's decentralised operating structure introduced in 2022. Under this model, the Optus CEO, together with the executives, will report directly to the Optus Board. This model enhances independence and collaboration between the board and management in setting strategy and building customer trust in the Optus brand.
Yuen Kuan Moon, CEO of Singtel Group, discussed the new governance model, stating, "In today's uncertain economic environment, businesses need greater independence and agility to better navigate the market and we believe the new governance model will set the Optus management up for success and help Optus restore and cement its position as a leading player in the Australian telecommunications market."
Alongside Rue's appointment, it was confirmed that Michael Venter will continue as interim CEO until Rue officially takes over. Venter has been acting as interim CEO since November 2023. His efforts were recognised by O'Sullivan, who thanked him for his significant contributions in rebuilding customer trust and fortifying the business.
Just last week, Optus signed a network sharing agreement with TPG Telecom designed to boost Australia's regional mobile network and improve coverage for customers across regional Australia. This agreement is part of Optus' ongoing strategy to enhance mobile services nation-wide, with projected service fees of approximately A$1.6 billion expected over its 11-year term.
