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TPG founder David Teoh resigns as chairman

By Zoe Samios

March 26, 2021 — 8.50am

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Billionaire TPG Telecom founder David Teoh has abruptly resigned as chairman of the $12.9 billion company, putting an end to his nearly 30 years at the helm of one of Australia’s biggest broadband businesses.

Mr Teoh, who established TPG with his wife Vicki in 1992, said on Friday it was the “right time” to leave and pursue other interests despite the merger of his company with Vodafone Hutchison Australia only eight months ago.

His resignation coincided with the exit of his son Shane Teoh, who was convicted of assaulting an Uber driver earlier this month. TPG did not comment on the reasons for Mr Teoh’s resignation but said earlier this month it was reviewing the conviction.

Elusive TPG Telecom founder David Teoh has resigned from the company.Credit:Joe Armao

“I am leaving TPG Telecom in good hands with Iñaki [Berroeta] and his team, and I am confident in its strong future,” Mr Teoh said in a statement. “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.”

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While he has stepped down from his position effective immediately, Mr Teoh will remain one of the largest shareholders in TPG Telecom. He will be replaced as chairman by a long-standing member of the board, Hong Kong business executive Canning Fok. Mr Teoh’s other son, Jack Teoh, and company secretary Antony Moffatt will also join the board of directors. Industry sources familiar with the family have indicated that Mr Teoh will still have influence by way of Mr Moffatt and Jack Teoh.

Mr Teoh is one of the country’s most private executives. He came to Australia from Malaysia in 1986 and began his career with what was then Total Periphals Group, a firm which sold custom-built computers to government departments. He remained largely out of media coverage until 2019 when he attempted to merge the ASX-listed business that he launched with Vodafone Hutchison Australia to create a $15 billion fixed-line and mobile internet giant.

The merger was completed in July after a lengthy battle against the Australian Competition and Consumer Commission. At the time of the merger completion, he appeared committed to remaining in his position as chairman for an extended period of time.

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In The Australian Financial Review 2020 Rich List Mr Teoh and his wife had an assessed net worth of $2.54 billion. It is unclear what other interests Mr Teoh may pursue, but some industry sources said he is considering privatising TPG’s Singapore arm Tuas, which was demerged from TPG mid last year.

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TPG Telecom chief executive Mr Berroeta thanked Mr Teoh for his ongoing support.

“Canning [Fok] 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,” he added.

Mr Teoh described Mr Fok as one of the “most capable business leaders in the world” and said he had confidence that the newly appointed chairman and Mr Berroeta could lead the company.

TPG Telecom closed at $6.90 per share on Thursday.