Former Hutch India finance head promoted to group CFO
02 Jun 2008
Hong Kong-based Hutchison Telecommunications International Limited (''Hutchison Telecom'') announced on Friday that Tim Pennington has given notice of his resignation as Chief Financial Officer (CFO) and will step down at the end of August to return to the UK.
In a nod to the ever-growing importance the company attaches to developing markets, Chris Foll, who was the CFO for the Hutchison Essar India operations for seven years until taking over a similar position in Vietnam last September, has been named as Pennington's replacement.
Hutchison describes itself as a ''leading global provider'' of telecom services. It operates mobile and fixed-line services in Hong Kong and mobile services throughout parts of the Middle East, Africa and Asia, the very places which are seeing some of the most robust markets in telecommunications, according to some analysts.
Africa experienced the highest growth rate of 45 per cent in new mobile subscriptions, while China and India in Asia are the top two mobile markets in the world.
Hutchison officials say they operate mobile services in Macau, Israel, Thailand, Sri Lanka, Ghana, Indonesia and Vietnam, and claim that the company – with its ''Hutch,'' ''3,'' and ''Orange'' brands – was the first to provide 3G mobile services in Hong Kong and Israel.
Dennis Lui, the company's CEO, said Pennington made major contributions to the company during his tenure.
''We thank him for the excellent financial leadership he provided and for his valuable contribution to our management team,'' Lui said. ''We wish him success in his future endeavours.''
