As a major shareholder in TPG Telecom, and with Teoh's son Jack Teoh appointed as a non-executive director, Teoh can still be an influential figure behind the scenes.
TPG Telecom's board voted to appoint Canning Fok as Chairman, effective today, following the resignation of David Teoh from the board. Fok was previously a non-executive director on the board.
As of publication, David Teoh is still listed as Chairman on the "our board" section of the TPG Telecom site but this will no doubt be updated in due course, and may even be updated by the time you're reading this.
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CEO Iñaki Berroeta said Fok’s appointment would be a seamless transition, stating: 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.
“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.”
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.”
Berroeta noted that with integration progressing well following last year’s merger between Vodafone Hutchison Australia and TPG, Teoh had decided to resign from the board, adding: "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.
“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.”
Fok also acknowledged and thanked Teoh for his significant contribution to the company and his legacy to the industry more broadly, stating: “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”.
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”.
Teoh's son Shane Teoh has also resigned as a Non-Executive Director of the board.
The board reports appointing Jack Teoh and Tony Moffatt, the current TPG Telecom Company Secretary, as Non-Executive Directors to fill the vacancies created by the resignations of David Teoh and Shane Teoh.
Both Jack Teoh and Moffatt will join the TPG Telecom Board effective today, with Moffatt resigning from his role as Company Secretary.
The Board has appointed Trent Czinner, currently TPG Telecom Group Executive Legal & External Affairs, as Company Secretary, effective today and in addition to his current role.