MVP will retire as president and CEO of PLDT and named his successor who will take over the company’s top posts.
Manuel V. Pangilinan (MVP) announced that he will retire as president and CEO of PLDT and also named his successor who will take over the company’s top posts.
On Thursday, Pangilinan announced that Al Panlilio will be the next president and CEO of PLDT as the tycoon eyes retirement from the company this year.
Pangilinan said in a virtual annual stockholders’ briefing that he would remain chairman of the company and that Panlilio’s appointment will still need shareholder approval.
The transition, according to Pangilinan, will officially be announced during the company’s annual stockholders meeting next month.
“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.
Panlilio was currently the chief revenue officer of PLDT as well as the president and CEO of Smart Communications.
Pangilinan had been leading PLDT since the late 90s when Hong Kong-based company, First Pacific, made an initial investment in the telco giant.
Pangilinan’s announcement came as PLDT’s telco core net income rose 9% to PHP 7.5 billion in the first quarter of the year.
PLDT said that its consolidated service revenues grew 8%, or PHP 3.3 billion, to PHP 44.8 billion in the first quarter of 2021 as its data/broadband business grew 15% to PHP 33.9 billion.
“In the face of unprecedented changes brought about by the pandemic, being a telco means we are well-positioned to address the needs of our customers, while at the same time enabling their passions and purpose,” Panlilio said in a statement.