That's how the Coalition government rolls, apparently.

He was off the hook on this occasion with Malcolm Turnbull's government able to shuffle in a suitable candidate just a week after Mal's mate, John O'Sullivan withdrew his candidacy.

You can take your pick of the different theories as to why O'Sullivan's candidacy had become untenable.

His previous role at the Commonwealth Bank rang alarm bells with CBD, his involvement in the Utegate scandal with Godwin Grech was good for Labor, while the Libs claim it was an unfair backlash over his links as a party donor, etc.

So it is rather hilarious to see Labor's emphatic embrace of Medcraft's replacement, Goldman Sachs alumni, James Shipton.

He is the son of Liberal MP for Higgins Roger Shipton, who was ousted by Peter Costello, who was replaced by once assistant treasurer Kelly O'Dwyer, who announced the appointment of James on Tuesday.

Which is not as bizarre as the fact that Van Halen lead singer, David Lee Roth, claims Roger Shipton was his godfather.

Maybe O'Dwyer should have played on this at the press conference - Panama, is it a rock anthem or tax haven? - rather than trying to veer away from the O'Sullivan fiasco by claiming Shipton was the government's first pick.

"We have appointed here the most qualified and the most experienced candidate for the job ahead," said O'Dwyer.

Adios Greg

Meanwhile, Greg Medcraft remains the top cop until Sunday, November 12.

He was not in town, packing up his keepsakes, as the news arrived of his replacement.

Medcraft flew out to Madrid on Monday for the final meeting he will attend of the global governing body for corporate regulators - the International Organisation of Securities Commissions (IOSCO).

Hasta la vista, baby.

Dropped call

Telstra chairman John Mullen lamented "many sleepless nights". Photo: AAP

CBD's main takeaway from Telstra's annual shareholder meeting is that the drastic cut to the dividend was nothing more than an attempt to divert investor attention from the telco's crap service. It didn't work.

Chairman John Mullen lamented the "many sleepless nights working it through in our minds, knowing full well the impact it would have on our shareholders".

The clear message from the floor was that they are more worried about the poor service that is driving customers away, and hitting the bottom line.

"The problem with Telstra is you have no service," said one critic.

"It looks like you are ??? the central committee of the Chinese communist party over there ... coming to work, getting the money but with no results."

Mullen deflected the accusation as gently as he could.

"It's the first time I've been likened to a member of the Central Politburo, but my education continues," said our witty chairman.

And how about that share price? "Obviously we don't control the share price, it's impacted by lots of factors outside our control," said Mullen.

Ummm, how about that massive dividend cut John?

And then there is the overpriced and underwhelming service: "I hear you loud and clear. We are embarrassed. I don't like standing up in front of you knowing there are service issues out there. We are working on them."

Take two

Sheila McGregor's departure may have been executed quietly, but it sent a very loud message.

Sheila McGregor's new career as a non-executive director got off to a wobbly start - after her abrupt departure from Kerry Stokes' Seven West Media as the Amber Harrison scandal hit prime time.

So she is obviously hoping for a quieter apprenticeship at Crestone Wealth Management - the former UBS wealth arm - where she has signed on as a member of the board, which is now led by Qantas chairman Leigh Clifford.

If McGregor is still on good terms with Stokes, she could always sign him up as the sort of high net worth individual that Crestone covets.

Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au