SINGAPORE--Former CEO of MobileOne (M1) Neil Montefiore will take over as the new chief of StarHub at the turn of 2010, following the retirement of current CEO Terry Clontz, StarHub announced Tuesday.
Montefiore left M1 in January this year, after serving 10 years with the mobile operator. He had then cited the need to "pursue other personal interests" as the reason for his resignation.
StarHub and M1 make up two of Singapore's three mobile operators, including current market leader SingTel, which accounts for a 46 percent share. According to IDC numbers, StarHub is the second largest player, with a market share of 28 percent, followed by M1 at 26 percent.
Subject to regulatory approval, 56-year-old Montefiore will assume the CEO role in January 2010, armed with more than 33 years of experience in the telecommunication industry. According to StarHub, the executive was appointed based on his "strong leadership" and experience in the local telecommunication business and regulatory environment. Montefiore also proved "the most suitable candidate" for his ability to establish long-term partnerships with vendors, investors, regulators and stakeholders.
StarHub Chairman Tan Guong Ching said in the press statement: "These are exciting times for the infocommunications and media industries. While challenges are plentiful, and competition continues to be extremely dynamic, I am confident that together with the StarHub team, Neil will further strengthen and entrench StarHub's position as a leading infocommunications company in Singapore."
Clontz said: "I am leaving StarHub in good hands. Neil and I have known each other on a professional and personal level for 10 years. I have enormous respect for Neil and I am confident that I will be turning the helm of StarHub over to a seasoned industry executive who can continue steering the company successfully."
The retiring 58-year-old executive is StarHub's pioneer president and CEO, having been with the company since its inception in January 1999. He paved the way for the company's 2004 public listing on Singapore's stock exchange, and led the merger of StarHub and the country's cable TV operator, Singapore Cable Vision (SCV) in 2002.
Tan said: "Terry has led StarHub from a fledgling new entrant to a leading quad-play listed entity... [and] has been instrumental in the success of StarHub, as well as in instilling in the company a culture dedicated to strong corporate governance, integrity and compliance."
According to the company, Clontz will remain as a director of the group after his retirement.