Astro Malaysia Holdings Bhd has announced the departure of Group Chief Executive Officer Euan Smith, marking the end of his six-year tenure with the company and more than three years in the top leadership role.
The media and entertainment group said Henry Tan, who previously served as Astro’s Group CEO from February 2019 to January 2023, will assume the role of Interim Group CEO effective June 16, 2026, while the board undertakes a search for a permanent successor.
Henry Tan (left) and Euan Smith (right).
In a filing with Bursa Malaysia, Astro said the leadership transition comes as the company progresses through a significant transformation of its platform and business operations.
“With the platform transition well advanced, it is timely for a change of leadership at Astro to navigate the business moving forward,” the company said.
As Interim Group CEO, Henry Tan will oversee the group’s overall strategy, performance and day-to-day operations, supported by Astro’s executive leadership team. Meanwhile, Smith will remain with the company in an advisory capacity, providing technical guidance and support to the board until Dec 6, 2026, to ensure a smooth transition.
Smith joined Astro in April 2020 as Group Chief Operating Officer and Chief Executive Officer of TV before being promoted to Group CEO in February 2023. During his tenure, his contract was extended twice as the company navigated industry changes and intensified competition within the media landscape.
The board expressed its appreciation for Smith’s contributions, acknowledging his role in leading the company through a period of transformation and evolving consumer viewing habits.
The leadership change comes at a challenging time for Astro, which has been facing pressure from declining subscription revenues, a softer advertising market and growing competition from global streaming platforms.
Last month, the pay-TV operator drew industry attention after confirming that it would not be the primary broadcaster of the FIFA World Cup for the first time in more than 20 years. The broadcasting rights for the tournament were secured by Telekom Malaysia Bhd.
Despite ongoing operational challenges, Astro’s share price rose 8.33% to 6.5 sen on Monday, valuing the company at approximately RM339.7 million.
Financially, the group reported a sharp decline in earnings for the financial year ended Jan 31, 2026 (FY2026). Net profit fell by more than 50% to RM63.13 million from RM129.15 million a year earlier, impacted by higher staff-related expenses, broadband costs, and increased marketing and distribution spending.
Revenue also declined to RM2.79 billion from RM3.08 billion in the previous year, reflecting weaker subscription and advertising income, as well as lower rental revenue and programming rights sales.
Astro last declared a dividend of 0.25 sen per share in FY2024, the lowest dividend payout in the company’s history.
According to market data, the group’s net gearing ratio stood at 1.4 times as at end-January 2026, with net debt amounting to RM1.79 billion, making it one of the more highly leveraged media companies listed on Bursa Malaysia.
Moving forward, investors will be closely watching Astro’s next phase of leadership as the company seeks to strengthen its position in an increasingly competitive and rapidly evolving digital entertainment landscape.
