Four iiNet directors resign, TPG boss steps in

Four iiNet directors have resigned, with TPG executive chairman David Teoh and two others taking director roles at the ISP.

In line with the terms of iiNet’s acquisition by TPG, Peter James, Louise McCann, Patrick O’Sullivan and Paul McCarney have resigned as directors of iiNet. All were non-executive directors of the ISP.

Stepping into the roles of iiNet director are TPG director, chairman and chief executive officer Teoh, TPG's chief financial officer and company secretary Stephen Banfield and non-executive director Shane Teoh.

The Teoh family started TPG in the 1980s as the Total Peripherals Group. This year David and Vicky Teoh’s wealth was estimated by BRW at more than $2 billion.

David Teoh has previously said that “iiNet and TPG are highly complementary businesses in terms of geographic presence, market segments and corporate customer base”.

Despite some concern about what impact the acquisition will have on iiNet’s corporate culture, the ISP’s founder Michael Malone told sister publication iTnews last week that he had a “great deal of respect for David Teoh” and people should “see what happens before assuming the worst”.

TPG’s $1.56 billion offer for iiNet was approved by the ACCC last week. The board reshuffle comes as iiNet’s preliminary results reveal revenue was up 11 percent in the 2015 financial year to $1.12 billion.

iiNet shares suspended from trading on Monday 24 August.