- TPG CFO Stephen Banfield is set to depart the company after two decades.
- Banfield will remain in his role until November or until a replacement for his position is appointed.
- TPG share price closed over 6% down.
The Chief Financial Officer of TPG Telecom, Stephen Banfield, is set to depart the company this year after two decades of being with the company and its predecessors. He joined Comindico in 2000 and later, he acted as the financial controller at Soul Pattinson Telecommunications.
The company said that Banfield will remain in his role until November or until a replacement for his position is appointed. Banfield was appointed group CFO in August last year after the TPG-Vodafone Hutchison Australia merger.
“It has been a pleasure working with Steve during the merger integration where he has brought the finance teams together and produced the first set of results and annual report of the merged company. I look forward to working with Steve during a smooth transition to his successor which we will announce in due course,” Berroeta said.
“It has been a great privilege to work for companies within the TPG group for the past 20 years and I am proud of what TPG has achieved over that time. I believe strongly in the opportunities ahead for the company but, after two decades, it’s time for me to move on,” Banfield stated.
However, this news failed to impress stockholders. Thus, the TPG share price closed over 6% down.
Renewal in the Board
The founder of TPG, David Teoh, already resigned as chair and both he and his son Shane also resigned as directors in March. Taking their place is Hutchison’s Canning Fok, who was appointed chair. The board also selected Antony Moffatt and Jack Teoh, another of the elder Teoh’s sons, as directors to fill the casual vacancies left by the two resignations. Frank Sixt was also re-elected.
Teoh was then compelled to address concerns about his qualifications for the position. This included topics such as the skills he brought to the board, whether he was a member of the Australian Institute of Company Directors, as well as his tertiary education, and even whether he knew the difference between current and non-current liabilities. Nevertheless, with a 95.6% yes vote to his election, his answers seemed to have satisfied the doubters.
On the other hand, in his address to the meeting, Fok said that the Vodafone-TPG merger had: “brought the drive, ambition and challenger spirit into one organisation and it will always be part of our company.” The chair also said that since the merger: “not even ten months ago, the company has
come together better and faster than we expected.”