TPG (ASX:TPG) share price tumbles 6% as CFO resigns

The TPG Telecom Ltd (ASX: TPG) share price is down as the company’s CFO heads for the door barely a month after its founder resigned.
The post TPG (ASX:TPG) share price tumbles 6% as CFO resigns appeared first on The Motley Fool Australia. –

Falling ASX share price represented by woman looking shocked at mobile phone

Shares in TPG Telecom Ltd (ASX: TPG) took a tumble today amid news the company’s chief financial officer Stephen Banfield is heading for the door. By the market’s close, the TPG share price had dropped 5.59% to $5.24.

Banfield’s resignation comes barely a month after TPG founder David Teoh resigned, also sending the company’s share price plummeting 6%. 

CFO resignation

Banfield was appointed CFO of TPG Telecom in August last year, having previously been the CFO of TPG’s wholly-owned subsidiary, TPG Corporation – a position he held for 12 years.

The TPG share price has today followed the same pattern it did on 26 March when David Teoh stood down, a day it hasn’t yet recovered from. Between Teoh resigning in late March and Banfield’s resignation this morning, the TPG share price has dropped by around 18%.

The reason Banfield gave for his resignation was, after 20 years with TPG, he feels it’s time to move on. He said:

It has been a great privilege to work for companies within the TPG group for the past 20 years and I am proud of what TPG has achieved over that time.

I look forward to working with [TPG Telecom CEO Iñaki Berroeta] and my team over the coming months to ensure a smooth transition.

Berroeta thanked Banfield for his service to the company, saying:

It has been a pleasure working with Steve during the merger integration [with Vodafone Hutchison Australia] and I thank Steve for his considerable contribution to the TPG business.

In particular, I thank Steve for his leadership in bringing the finance teams of TPG and VHA together as part of merger integration.

Banfield will remain as TPG’s CFO until November unless a successor is found sooner. TPG stated that a replacement CFO will be announced in due course.

TPG share price snapshot

The news of another upper management resignation comes at a bad time for TPG shares, which are still struggling on the ASX.

Currently, the TPG Telecom share price is down 26% year to date. It’s also down by around 40% since Vodafone and TPG merged, with the new telecommunication company relisting on the ASX in June 2020.

The company has a market capitalisation of around $10.3 billion, with approximately 1.8 billion shares outstanding.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post TPG (ASX:TPG) share price tumbles 6% as CFO resigns appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!