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TPG Axes Headcount By 5% While Teoh Takes A Pay Cut

In the past year TPG has continued its iiNet integration by cutting 280 jobs and reducing its headcount by almost 6% – and taking a hatchet to the pay packet of its chief executive David Teoh.

Its annual report, launched at the weekend, shows Teoh scored pay of $3.09 million for the 12 months ended June 30, compared with $3.41 million in the previous year.

Also down was TPG’s net profit, slumping 56% to $173.8 million, while total revenue was roughly flat at $2.48 billion.

The annual figures show that TPG reduced its headcount by 6% in FY19, down from 5056 a year earlier to 4776 employees.

Teoh on Friday told shareholders that he is hopeful that the Federal Court will approve his plan for a merger with Vodafone Hutchison Australia.

“We remain hopeful that the merger will be permitted to proceed,” he said. “We also believe that the investment in the merger transaction has been sensible, given the board’s view that the merger, if it is permitted to proceed, will be beneficial for TPG shareholders and allow us to become a more formidable competitor to Telstra and Optus.”

A final verdict in this case is expected in February.

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