Investors wiped nearly $1 billion from the market value of TPG Telecom after its reclusive chairman David Teoh said he had resigned from the board on Friday.
Shares in the company fell 6.4 per cent to $6.43 on Friday after Mr Teoh said it was the “right time” for him to exit the company with the Vodafone Hutchinson Australia merger complete.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
