Neil Montefiore To Retire As CEO Of StarHub By End February 2013
StarHub To Appoint Its COO, Tan Tong Hai as CEO
Singapore, 7 February 2013 - StarHub Ltd announced today that Neil Montefiore will retire as its CEO by end February 2013. Succeeding him as CEO is StarHub's COO, Tan Tong Hai.
Neil, 60, joined StarHub in January 2010 as its second CEO. He also serves as a Director on StarHub's Board.
It has been a privilege to lead the StarHub Group for the past three years, Neil shared. I just turned 60 recently and I think it is the right time for me to retire from a full-time executive role. Moreover, I am leaving StarHub in good hands. Tong Hai and I have worked together for many years and I am confident that I will be turning the helm of StarHub over to yet another seasoned industry executive who can continue steering the Group successfully.
Under Neil's leadership, StarHub posted an eighth straight year of consistent growth in 2012, with its operating revenue rising to $2.4 billion. Delivering sterling shareholder returns consistently, StarHub's share price was up 30% over the year, placing it among the 10 best performers on the Straits Times Index (STI) in 2012. With its dividend yield of 5%, StarHub has one of the highest dividend yields amongst the STI component stocks.
StarHub Chairman, Tan Guong Ching said, "The StarHub Board would like to thank Neil for his contribution in both the strategic and business sustainability aspects of the Group over the past three years. Under Neil's stewardship, StarHub's market capitalization rose from $4 billion to $6.7 billion and StarHub, in its debut year, was ranked #66 in the Corporate Knight's Global 100. We wish Neil all the best for his retirement.
Appointment of Tan Tong Hai as CEO
Tan Tong Hai will become the CEO and Executive Director of StarHub in March 2013, subject to regulatory approval. He brings with him over 20 years of experience in the regional information technology, Internet and e-commerce industries and has had broad experience at top management levels. Tong Hai was previously the President and the CEO of Singapore Computer Systems since August 2005, and the President and the CEO of Pacific Internet from March 2001. He was instrumental in turning both companies around when he was at their helms.
As StarHubs Chief Operating Officer, Tong Hai oversees the day-to-day operations of the company and has direct responsibility of the companys Consumer Business Group, Enterprise Business Group, Customer Service, Network Engineering & Information Services, Wholesale & International Services as well as Government & Strategic Affairs divisions.
Tong Hai is currently the Deputy Chairman of Nanyang Polytechnics Board of Governors. In addition, he serves as Chairman of its NYP Ventures Pte Ltd, and its School of Information Technology Advisory Committee.
The Board Nominating Committee and Board strongly believe that Tong Hai is the most suitable candidate to lead StarHub to the next level. We are pleased to appoint Tong Hai as the CEO of StarHub as he is a successor of high calibre. This is a testament to the robust succession plan that we have in StarHub, Guong Ching affirmed.
Our industry is going through a challenging yet exciting time. I am confident that, together with the StarHub team, Tong Hai will further augment StarHub's position as a leading info-communications and entertainment company in Singapore, stated Guong Ching, adding that he and his fellow Directors are eager to working with Tong Hai to achieving new heights for the Group.
Tong Hai is an Honours graduate in Electrical Engineering from the National University of Singapore. He is 50 years old and is married with two children.
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Neil Montefiore To Retire As CEO Of StarHub By End February 2013
