TPG Telecom chief financial officer Stephen Banfield will step down from the position in November or when a replacement is found, becoming the second major casualty for the business after a $15 billion merger with Vodafone Hutchison Australia was finalised last year.

He follows reclusive TPG founder and chairman David Teoh out the door – an exit that prompted investors to wipe near $1 billion from the telecoms giant’s market value in late March.