KUALA LUMPUR (June 8): Astro Malaysia Holdings Bhd's (KL:ASTRO) group chief executive officer Euan Smith has stepped down after three years helming the position.
While the company seeks a suitable successor, Henry Tan, who previously served as group CEO of Astro from February 2019 to January 2023, will be appointed as the interim group CEO with effect from June 16, 2026.
"With the platform transition well advanced, it is timely for a change of leadership at Astro to navigate the business moving forward," according to Astro's filing on Bursa.
"Henry will provide overall leadership to the company and be responsible for its performance and operations, supported by Astro’s executive leadership team. Euan will continue to provide technical advisory assistance/support to the board until Dec 6, 2026," it added.
Smith joined Astro in April 2020 as group chief operating officer and chief executive officer of TV, and in February 2023, was promoted to group CEO. During the tenure, his term as group CEO was extended twice.
"The Astro board would like to record its appreciation to Euan for his leadership and contributions over the past six years and wish him the best in his future endeavours," the statement read.
The pay-TV operator came under the spotlight last month after announcing that it would not be the primary broadcaster for the Fifa World Cup — for the first time in two decades — with the live telecast rights passing to telecommunications giant Telekom Malaysia Bhd (KL:TM).
Shares of Astro closed half a sen or 8.33% higher at 6.5 sen on Monday, giving it a market capitalisation of RM339.7 million.
Amid declining earnings, rising costs and intensifying competition from streaming platforms, the stock has fallen 35% year to date and 67.5% over the past year.
On the financial front, Astro’s net profit for the financial year ended Jan 31, 2026 (FY2026) fell by half to RM63.13 million from RM129.15 million a year earlier, weighed down by higher staff-related expenses, broadband costs, as well as marketing and distribution spending.
Revenue also declined to RM2.79 billion from RM3.08 billion previously, dragged by weaker subscription and advertising income, alongside lower rental income and programming rights sales.
The group last declared a dividend of 0.25 sen in FY2024 — its lowest on record.
According to AskEdge data, Astro’s net gearing stood at 1.4 times, placing it among the more highly leveraged media companies on Bursa Malaysia, with a net debt position of RM1.79 billion as at end-January.