TPG Telecom founder and chairman David Teoh has resigned from the publicly listed communications giant, ending his near 30-year reign as the figurehead of the near $13bn conmpany.
In a statement lodged to the Australian Stock Exchange, TPG announced that Mr Teoh was resigning as chair effective immediately and would be replaced by Canning Fok.
His son Shane Teoh has also resigned from the company’s board following an assault conviction earlier this month.
In a letter to shareholders, David Teoh said he was humbled by the support the company had received over the last three decades.
“Australia provided us with an environment in which, with hard work and perseverance, we were able to build a company that now provides services to millions of Australians and has a remarkable suite of assets,” Mr Teoh said.
“There have been many challenges along the way, but I firmly believe that consumers in Australia have greatly benefited from TPG’s competitive business approach and that they will continue to do so. “
TPG’s 2020 merger with Vodafone was only approved after lengthy disputes with the Australian Competition and Consumer Commission.
Mr Teoh’s other son Jack and Antony Moffatt will join the board as new directors.
TPG chief executive Iñaki Berroeta said Mr Fok’s appointment would be a “seamless” transition and assist in growing the company’s market share through its core brands TPG, Vodafone and iiNet.
“With his involvement in the business dating back more than 20 years and his key role in the merger, Canning knows the company well,” Mr Berroeta said.
“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.”