forced to cut its dividend again. As a consequence, [CEO] [Andy Penn]'s tenure came into question with his presiding over a $46b loss of shareholder value. In June 2018, Telstra announced its Telstra2022 Strategy designed to face into headwinds from the NBN rollout and return the business to growth. Composed of four pillars, the strategy was designed to remove $1 billion of operating costs from the business, simplifying its overall structure and leading to six key outcomes: improve customer experiences, simplify its products and operating model, extend network superiority and 5G leadership, achieve global high performance in employee engagement, reduce net productivity costs, and attain a return on capital investment post the NBN rollout. On 20 June 2018, Telstra announced a reduction of 9,500 jobs (8,000 net job losses after considering 1,500 new roles to be created) as part of its "Telstra 2022" (T22) plan. The news was not well received: Telstra's share price dropped as much as 7.4% immediately. Unions, politicians, and the wider community condemned the move which was widely considered a last ditch attempt of Andy Penn to secure his own job. InfraCo Created on 1 July 2018, Telstra InfraCo would serve as the infrastructure business, owning an estimated $11 billion AUD in assets made up of data centres, non-mobiles related domestic fibre, copper, HFC, subsea cables, exchanges, poles, ducts, and pipes. InfraCo opened its dark fibre network across six Australian state capitals in February 2021. Telstra said the dark fibre network would open up a wealth of capabilities and control for its targeted audience of network operates and service providers such as global carriers, data centre operators, internet service producers and over the top providers. Retail Store Strategy In February 2021, Telstra announced plans to take back full ownership of its 337 retail stores. At the time of the announcement Telstra owned and operated 67 of its stores, Vita Group owned and operated 104 stores, and the remaining 166 were operated by individual licensees. The process of transitioning stores back to Telstra ownership will take around 12 to 18 months to complete. Vicki Brady era (2022–present) On 30 March 2022, Telstra announced that Vicki Brady will become the new chief executive officer effective 1 September 2022. Products and services Fixed-line and mobile telephony Telstra is Australia's incumbent and largest provider of fixed-line services. These include home phone, business and other PSTN products. Telstra outsources a significant