MANNY V. Pangilinan’s long-gestating plan to step down from his post as chief executive officer of PLDT has finally come to fruition, as he announced his retirement.
The news comes via a tweet from MVP media property One News PH.
TV5 and One News Reporter Shyla Francisco quoted Pangilinan as saying: “The annual shareholders meeting of PLDT is scheduled for next month.. I will retire as president and CEO [of] PLDT and pass the baton over to Al Panlilio so [I] will stay on as chairman.”
Al S. Panlilio is currently the chief revenue officer of the telecommunications giant.
He is also the president of the Samahang Basketbol ng Pilipinas.
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.
As early as 2018, MVP had already talked openly about stepping down. On August 2019, the tycoon said that he was considering retirement “[i]f I feel we are achieving some steady state in terms of growth and stability in revenue and profitability,” he said during a quarterly earnings briefing. In June of that year, Panlilio had transferred to PLDT after a nine-year stint at fellow MVP group company Meralco.