TPG Chairman David Teoh & Son Resign In Shock Move
The notoriously private chairman of telco giant TPG David Teoh has announced he is resigning from the company he founded.
Billionaire Teoh and his son Shane, who is also a director of the company, are both exiting TPG after Shane was convicted of assault earlier this month.
Teoh, who formed TPG in 1992 alongside his wife Vicky in 1992, will keep his 17.2 per cent stake in the company following his departure.
Hong Kong businessman Canning Fok will step in to replace Teoh as TPG’s chairman.
In a letter to shareholders, Teoh said it was “the right time” for him to step aside.
“I am proud and humbled to have led the company from its founding, though its exciting growth over the years, and most recently into its merger with Vodafone Hutchinson Australia,” Teoh said.
“Your new Chairman, Mr Canning Fok, is one of the most capable business leaders in the world and has led a global conglomerate of businesses for several decades. I am confident that Canning, Inaki and the Board will continue to create a strong and sustainable future for our company.
“As such, now is the right time for me to step aside and pursue other interests.”
Shane Teoh, a TPG board member, was fined $1500 in a Sydney court earlier this month after he was convicted of assaulting an Uber driver.
Teoh, 34, was the non-executive director of the telco company which was born out of the high-profile merger between TPG and Vodafone Hutchinson Australia in July 2020.