Manny Pangilinan formally steps down as PLDT’s president & CEO

Businessman Manuel V. Pangilinan on Tuesday formally stepped down as PLDT Inc. 's president and chief executive officer.

“At the end of this meeting I will discharge my final duty as president and CEO of PLDT and ask Al [Panlilio] to succeed me in this position,” Pangilinan said during the company’s virtual annual stockholders meeting.

“I now lay down my charge, I will continue to be your chairman and as such I will always follow the affairs and fortunes of our company with profound interest,” he added.

During PLDT’s first quarter results press briefing last month, Pangilinan named Al Panlilio as his successor. 

Panlilio currently serves as the telco’s chief revenue officer and its wireless unit Smart Communications’ president and CEO.

In March, Pangilinan floated the possibility of stepping down from the helm of PLDT.

In 2019, he said that he would name his successor if he feels that the telco has achieved a steady state of growth in terms of revenues and profitability.

Panlilio on Tuesday also accepted his post as president and CEO, noting that he will focus on operation efficiency, innovation, and customer experience.

“I humbly accept the appointment as the sixth Filipino chief executive officer of this great organization, the PLDT Group,” he said.

Incoming PLDT President and CEO Al Panlilio to @iamMVP: I must confess, I have big shoes to fill as you have set the bar so high.

"As CEO I will work diligently to materialize our responsibility to realize our vision for PLDT." $TEL pic.twitter.com/0JdOXQti8I

— Jon Viktor Cabuenas (@ViktorCabuenas) June 8, 2021

"I must confess, I have big shoes to fill as you have set the bar so high, and I am honored to follow the most remarkable leader. Your leadership made PLDT what it is today," Panlilio added.

Panlilio said the company will continue to be customer-centric under his helm.

"If there was one area we should be world-class in, it should be customer experience," he said.

Pangilinan’s announcement came amidst a strong competition being faced by the so-called telco “duopoly” of PLDT and Globe Telecom with the arrival of Davao businessman Dennis Uy and China Tel-led DITO Telecommunity Corporation.

The new major player is constantly expanding its network coverage since its commercial launch in early March.

Last year, despite the presence of COVID-19 pandemic, PLDT managed to grow its net income by 8% to P24.3 billion with revenues hitting an all-time high of P171.5 billion.

Shares in PLDT closed Tuesday down P9.00 or 0.68% at P1,314.00 apiece versus Monday's finish of P1,323.00. — BM, GMA News