The ASX 200 keeps climbing, TPG drops on Teoh departure, AMP still has a CEO

The S&P/ASX 200 Index (ASX:XJO) rose 0.5%. TPG Telecom Ltd (ASX:TPG) lost its chairman, but AMP Limited (ASX:AMP) still has its CEO.

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The S&P/ASX 200 Index (ASX: XJO) rose by around 0.5% to 6,824 points.

One business lost its talisman founder and this saw a heavy decline of its share price.

TPG Telecom Ltd (ASX: TPG)

The TPG share price fell by around 7% today after it was announced that David Teoh is resigning from his position from being the chair and a director.

Mr Teoh shared some comments about his thoughts of the business and his decision to leave:

I am proud and humbled to have led the company from its founding, through its exciting growth over the years, and most recently into its merger with Vodafone Hutchison Australia. 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.

I am leaving TPG Telecom in good hands with Inaki and has team, and I am confident in its strong future. After nearly 30 years leading TPG, I feel that now is the right time for me to hand over the reins and focus on other interests.

TPG’s management said that the integration is progressing well between Vodafone Hutchison Australia and TPG and it has made a strong start as a merged company. It is trying to make the most of its significantly increased scaled and opportunities.

Pointsbet Holdings Ltd (ASX: PBH)

Pointsbet has announced that Pointsbet USA and Penn National Gaming have agreed to extend the online gaming services framework agreement to provide Pointsbet with online sports betting and iGaming market access in Pennsylvania and Mississippi, subject to enabling legislation and licensure in each of those states. Pennsylvania currently permits online sports betting and iGaming.

The company will pay Penn National Gaming a portion of the net gaming revenues derived from each additional state.

Pointsbet Group CEO Sam Swanell said:

We are very excited about adding another two guaranteed online market access points to our portfolio in Pennsylvania and Mississippi. A mature, total addressable sports betting and iGaming market in Pennsylvania is estimated to be over US$1.75 billion per annum. Further, Pennsylvania is home to Philadelphia, the fourth largest media market in the United States, inclusive of southern New Jersey and a regional pillar of the Comcast-NBC Universal asset portfolio. NBC Sports Philadelphia owns the in-game broadcast rights to the Phillies, 76ers, and Flyers covering over 290 live events per year across 4.1 million households.

AMP Limited (ASX: AMP)

Today, AMP confirmed there has been no change to the CEO’s position and that Mr De Ferrari has not resigned despite the media speculation.

The ASX 200 financial business said that the board and Mr De Ferrari are working together and constructively discussing the future strategy and leadership of the group, after the completion of AMP’s portfolio review.

Those discussions are ongoing and AMP will provide updates as required.

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Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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