Business

Manny Pangilinan quits as PLDT president, CEO

Manny Pangilinan quits as PLDT president, CEO

MANILA, Philippines (Update 1, 5:12 p.m.) — Tycoon Manuel V. Pangilinan has officially stepped down as president and chief executive of telco giant PLDT Inc.

By the end of Tuesday’s annual stockholders’ meeting, Pangilinan, 74, will be replaced by Al Panlilio, company chief revenue officer and president and CEO of wireless unit Smart Communications Inc.

It was a position that Pangilinan held since 2016 after the retirement of Napoleon Nazareno in late 2015. In his last speech as president and chief executive, Pangilinan, who will remain as PLDT’s chairman, said leaving his post was not hard at all with Panlilio, 57, as his successor.

Prior to his comeback to the PLDT Group in 2019, Panlilio served as senior vice president for customer retail services group of Manila Electric Co., the country’s largest power distributor.

“This decision is made less difficult by the knowledge that Al, with his long experience with PLDT and his competent qualities, would be able to take my place forthwith, without interruption or detriment to the progress of PLDT,” he said.

Pangilinan’s departure came at a time PLDT is facing new competition from Dennis Uy’s Dito Telecommunity. He is nonetheless leaving PLDT with solid financial standing and set for a record capital investments this year that would allow the telco firm to power through the wider telco space. In the first quarter, PLDT’s core net income grew 9% year-on-year to P7.5 billion.

Although net income dipped 2% year-on-year to P5.8 billion, revenues rose a tenth to P47.92 billion, financial results showed. Under this segment, consolidated service revenues increased a smaller 8% annually to P44.8 billion.

“As the new CEO, I am far from perfect and I will need unsparing support, cooperation and trust from everyone here. But I pledge to serve you well,” Panlilio said in his speech.