Stephen Banfield - click to enlarge
TPG Telecom has announced that Stephen Banfield will be stepping down as Chief Financial Officer after 20 years with TPG group companies. He will remain in the role until November 2021 or until a replacement is appointed.
Banfield was appointed Group CFO in August 2020 following the merger with Vodafone Hutchison Australia, and had previously been with TPG group companies since 2000, including twelve years as CFO.
The share price reportedly fell on the news, but given the positive reports given to the ASX by the Chairman, and the MD and CEO, and the company's solid position, finding another person to be CFO won't be a problem
TPG Telecom CEO Iñaki Berroeta thanked Mr Banfield for his service to TPG Telecom, and said: “It has been a pleasure working with Steve during the merger integration 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 said he was confident in the company’s long-term success: “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 believe strongly in the opportunities ahead for the company but, after two decades, it’s time for me to move on.
“I look forward to working with Iñaki and my team over the coming months to ensure a smooth transition.”
We're told "a successor for the role will be announced in due course," as you'd expect.
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