Michael Lai steps down as P1 CEO
Malaysian 4G mobile carrier Packet One Networks (P1) said its CEO Michael Lai is resigning.
In a statement released on Wednesday, P1 said Lai is moving on from his post for personal reasons.
The company said CC Puan, group founder and CEO of P1 parent Green Packet, will take over as P1 CEO effective July 1 “to deliver its next phase of growth.”
Puan has been acting COO of P1 since January this year.
Lai joined P1 in 2008 and played a key role in turning the company into a broadband service provider with over half a million subscribers.
During his tenure, P1 had also secured a total of 50MHz of 4G spectrum on the 2.6GHz and 2.3GHz spectrum bands to pave the way for the company’s full transformation from Wimax to TD-LTE.
In the same statement, Lai said, “I had the great pleasure to carry out the first part of P1, CC Puan and the board’s vision to see P1 take its place as one of Malaysia’s leading 4G telco serving converged fixed and wireless broadband, and voice services with next generation technology,” Lai said in the statement.
“I pass the baton now to CC to assume the P1 CEO role. I believe he will be the best person to see P1 through to its ultimate goal.” Lai said.
Lai's resignation comes as Green Packet is considering selling some of its assets as part of its strategy to improve its financials.