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TPG Shares Plummet After CFO Announces Departure

TPG shares have again fallen, following the pending departure of yet another veteran senior at the company.

CFO Stephen Banfield will be leaving TPG in November, after a two-decade run at the telco, including 12 years as CFO.

TPG shares fell 5.6 per cent, to $5.24, at the close of the markets yesterday. This is a somewhat moderate drop after the disastrous $1-billion-dollar freefall on March 26, when executive chairman David Teoh resigned from the board without notice.

Since that day, shares have fallen by more than 20 per cent.

Mr Berroeta, former CEO of Vodafone, remains optimism, however, telling investors at its annual general meeting yesterday that “take-up of our fixed wireless services has been encouraging, as we expand the service across more brands and channels,” he said, adding TPG is “on track to reach 85 per cent 5G population coverage in the top six cities of Sydney, Melbourne, Brisbane, Perth, Adelaide and Canberra by the end of the year.”

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