Tycoon Manuel V. Pangilinan is retiring next month as president and chief executive of telco giant PLDT Inc. As early as 2018, MVP had already talked openly about stepping down. Al Panlilio will be the next PLDT Inc president and CEO, the telco’s current top official Manuel Pangilinan said Thursday, as the tycoon eyes retirement from the company this year.
In a virtual annual stockholders’ briefing, Pangilinan said he would remain chairman of PLDT, and that Panlilio’s appointment will still need shareholder approval.”I will retire as president and CEO of PLDT and pass the baton over to Al [Panlilio] so I will stay as chairman, of course, subject to shareholders’ consent to do that,” Pangilinan said.
The transition will officially be announced during PLDT’s annual stockholders meeting next month, Pangilinan added
Al Panlilio, 57, currently serves as chief revenue officer of the company. While leaving his post as president in June, Pangilinan, nonetheless, will stay as chairman of the board. Pangilinan is leaving PLDT’s top post while the firm faces new competition from Dennis Uy’s Dito Telecommunity.
He is nonetheless leaving PLDT with solid financial standing and set for record capital investments this year that would allow the telco firm to power through the wider telco space.
Panlilio is currently PLDT’s chief revenue officer, and the president and CEO of Smart Communications Inc, PLDT’s wireless arm. Pangilinan has been leading PLDT since the late nineties when Hong Kong-based company, First Pacific, made an initial investment in the telco giant.
He became company chairman in 2004, taking over from businessman Antonio Cojuangco, and passed on the CEO post to Napoleon Nazareno, the president of Smart Communications then.
The MVP group operates the PBA teams Meralco Bolts, TnT Tropang Giga, and NLEX Road Warriors. The MVP Sports Foundation also actively supports many other sports.
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