U Mobile Chief Executive Officer(CEO) Jaffa Sany Ariffin has resigned according a recent report.
News portal TheMalaysianInsider reports that Jaffa resigned effective today over differences with major shareholder Tan Sri Vincent Tan, despite increasing the subscriber base.
It claims that Jaffa and Tan had clashed over U Mobile’s future direction despite the dramatic increase in subscription in Malaysia’s crowded telecommunication sector.
There had been reports that the company was planning to go the market to raise funds for its expansion but has not given a timeline for its prospective listing. Previously Jaffa has said that U Mobile would consider listing once the company has 7 million subscribers or 10% of the market share.
Jaffa is the second chief executive to quit in just over three years, following the footsteps of his predecessor Dr Kaizad Heerjee, who had joined the company in July 2010. Jaffa joined U Mobile as its CEO on 1st of June 2012.
Prior to that Jaffa was the Senior Vice President, International Operations at ST Telemedia since 2006. Prior to ST Telemedia, he was Acting Joint Chief Executive Officer of PT Excelcomindo Pratama Tbk and Group Chief Financial Officer of Telekom Malaysia Berhad.
Jaffa graduated from the London School of Economics with a Bachelor of Science (Economics) in Accounting and Finance. He is currently a Fellow with the Chartered Association of Certified Accountants (UK) and a member of the Malaysian Institute of Accountants.
U Mobile’s largest stakeholder is U Telemedia Sdn Bhd, which has a 52.8% stake and is owned by Tan, who is also the company’s chairman. STT, under Singapore government investment arm Temasek Holdings has a 33% stake.
The other shareholders of U Mobile are Multi-Purpose Holdings Bhd with a 6.3% stake and Glorious Reflection Sdn Bhd holding 7.9%. Glorious Reflection’s major shareholder is Tan’s brother Tan Sri Danny Tan.
P.s: U Mobile HQ is closed today for holiday(replacement for National Day), MalaysianWireless will publish the official statement once we hear from U Mobile.