TPG Telecom has announced that founder David Teoh has resigned as board chairman after 30 years with the company.
The telco has appointed one-time Vodafone Hutchison board chairman Canning Fok as Teoh’s successor.
TPG chief executive Iñaki Berroeta said Teoh decided to resign after seeing the integration progressing well following last year’s merger between Vodafone Hutchison Australia and TPG.
“After a strong start to the merged company, the future has never been brighter for TPG Telecom, and we are making the most of our significantly increased scale and opportunities,” Berroeta said.
“We are already making a significant impact in the market, delivering for customers and shareholders, and making strong progress on our strategic priorities.
“Our focus is on driving growth through convergence, bringing customers onto our own infrastructure and developing our Enterprise unit, enabled by our network evolution to 5G and digital investment, and supported by our synergy and integration program.
“While David will remain one of the company’s major shareholders, I would like to thank him for the support he showed me and I wish him well for the future.”
Speaking on his decision, David Teoh said, “I am leaving TPG Telecom in good hands with Iñaki and his team, and I am confident in its strong future. After nearly 30 years leading TPG, I feel that now is the right time for me to hand over the reins and focus on other interests.
“I thank shareholders, employees and colleagues for their support over the years and convey my special thanks to the incoming chairman, Canning Fok, whom I greatly respect as being a businessman of extraordinary acumen. I remain committed to the company and will be following its future with a keen interest”.
Berroeta added that Fok’s appointment would be a seamless transition.
“Canning brings decades of global executive business and telecommunications experience to the role of chair, and I believe he will be a strong leader of the board,” Berroeta said.
“With his involvement in the business dating back more than 20 years and his key role in the merger, Canning knows the company well.
“I look forward to working with Canning as we lead TPG Telecom into the future.”
Also departing from TPG’s board is non-executive director Shane Teoh.
Filling in the vacancies are Jack Teoh and current company secretary Tony Moffatt, both of whom are joining as non-executive directors.
Speaking on his appointment, Fok said, “Very few companies have an opportunity like TPG Telecom to challenge and shape an industry which is so important to the everyday lives of Australians.
“It’s an honour to be appointed as chairman at such an exciting point in the company’s history. I admire the work Iñaki and the Executive Team have done to set the company up for the future and it’s clear there are exciting times ahead.”
Commenting on Teoh’s departure, Fok said, “David’s legacy is incomparable. He has driven significant change in the Australian market and has carved out a position which TPG Telecom will build on. We are in David’s debt for all he has done”.