TPG (ASX:TPG) financial chief to depart

Company News

by Michael Luu

TPG Telecom (ASX:TPG)’s chief financial officer Stephen Banfield has announced his decision to leave his post at the company.

This marks the second departure at the executive level, less than 2 months after the drastic resignation of Co-founder David Teoh as the company’s executive chairman in March.

Mr. Banfield is scheduled to end his 14-year employment at TPG in November, unless a successor is selected before the set time.

Australia’s second-largest provider of internet services is currently undergoing a leadership reshuffle, following a $15 billion merger with Vodafone Hutchison Australia. The move saw the original TPG delist from the ASX and transfer the trading name TPG Telecom to merger partner Vodafone.

The last time TPG farewelled an executive-level figure, investors erased nearly $1 billion in the market value of the telco giant, as shares in the company dropped 6.4 per cent in one day.

Shares in TPG (ASX:TPG) are trading 6.3 per cent lower at $5.20