MVP back in saddle after PLDT shakeup
Panlilio retires as president and chief executive officer of PLDT and Smart Communications, Inc. effective 31st December 2023 due to health reasons; Manuel V. Pangilinan will take over his position by 1 January 2024 concurrently with the role of chairman
Integrated telecommunications company PLDT Inc. announced the retirement of Alfredo S. Panlilio as president and chief executive officer of PLDT Inc. effective on 31 December due to health reasons.
"The Board of Directors of PLDT accepted the retirement of Mr. Panlilio as president and chief executive officer of PLDT and Smart Communications, Inc. with effect 31st December 2023 due to health reasons," PLDT said in a stock report on Tuesday.
Thus, the company said Manuel V. Pangilinan will take over his position by 1 January concurrently with the role of chairman.
Critical juncture
"I would like to thank Al profusely for his service and his loyalty and wish him the very best. I also enjoin everyone to support a smooth transition within the PLDT Group at this critical juncture of its corporate life," Pangilinan said in the report.
Despite Panlilio's early retirement as the company's executive, Panlilio will remain as Director of PLDT, Smart, and MediaQuest Holdings Inc., chairman of Maya Bank and Bonifacio Communications Corp.
Likewise, he will continue to serve as director of Multisys Technologies Corp. and MultiPay, president of MVP Sports Foundation, Trustee of the Asian Carriers Conference, and Member of the Management Association of the Philippines.
Vital role
Panlilio played a vital role in guiding the PLDT Group through the difficult times of the Covid-19 pandemic, helping PLDT maintain profitability and industry leadership during that challenging period.
Under Panlilio's leadership, PLDT has received numerous awards from both local and international organizations for its pioneering brand, corporate social responsibility, cybersecurity, network and sustainability initiatives.
During the first three quarters of the year, PLDT net income was flat at P27.9 billion, only 1 percent higher than last year's P27.4 billion bottom line.
The company also reported a slight increase of 2 percent in its telco core income, which excludes the impact of asset sales and Maya Innovations Holdings, to P26.1 billion during the period.