In a statement lodged to the Australian Stock Exchange, TPG announced that Mr Teoh was resigning as chair effective immediately and would be replaced by Canning Fok.
In a letter to shareholders, David Teoh said he was humbled by the support the company had received over the last three decades. “There have been many challenges along the way, but I firmly believe that consumers in Australia have greatly benefited from TPG’s competitive business approach and that they will continue to do so. “
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