Digi.Com Bhd. Chief Executive Officer Morten Lundal stepped down after quadrupling profit at the Malaysian mobile-phone operator and overseeing a sixfold jump in its stock price.
Lundal, who became CEO in July 2004, will take a “senior international role” at Vodafone Group Plc, the world’s biggest wireless operator, Digi said in a statement today. Former Chief Financial Officer Johan Dennelind will take over on April 1
Lundal, who boosted profit to 1.06 billion ringgit ($327 million) in 2007, offered cut-price packages after failing to win a license from the government to offer high-speed services. Digi’s stock price surged after the Kuala Lumpur-based company in 2006 and 2007 returned excess cash to shareholders.
Digi, Malaysia’s second-largest publicly traded mobile- phone operator, is controlled by Telenor ASA, Norway’s state- owned phone company. Lundal declined to comment beyond the statement.
