Neil Montefiore to leave StarHub

15 Feb 2013

StarHub CEO Neil Montefiore will step down as CEO at the end of the month, to be replaced by current COO Tan Tong Hai.

Montefiore took over from long-serving CEO Terry Clontz at the start of 2010. He also currently serves on the Singapore operator's board.

“I just turned 60 recently and I think it is the right time for me to retire from a full-time executive role,” Montefiore said.

Tan was previously the president and the CEO of Singapore Computer Systems, and the president and the CEO of Pacific Internet. He has had a 20-year career in the technology industry. Pending regulatory approval of the appointment, Tan will take the mantle of CEO on March 1.

Montefiore's resignation was announced the same day StarHub reported a 14% increase in net profit for 2012 to S$359 million ($290.6 million).

Operating revenue grew 5% to S$2.4 billion, thanks to solid growth in fixed and broadband revenues. But mobile revenue for the year grew just 1%.

For the fourth quarter, mobile revenue fell 1%, with post-paid ARPU falling S$2 to S$74. But broadband ARPU grew S$1 to S$46 over the same period.

StarHub is forecasting a single-digit revenue growth for 2013, and expects group EBITDA margin as a percentage of service revenue to be about 31%.

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