74-year old bilyonaryo Manny V. Pangilinan is stepping down as president and CEO of PLDT after more than two decades and has named his most trusted executive, Al Panlilio, as his replacement.
“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,” said Pangilinan during PLDT’s first quarter results briefing.
“I will stay on as chairman subject to the shareholders’ consent to do that,” he added.
The 57-year old Panlilio is currently chief revenue officer and executive vice president of PLDT. Panlilio has long been groomed for a top post by Pangilinan who has previously assigned him to Meralco and MVP Grou’s sports division.
“I think the future is looking great for a company like PLDT if we play it right,” said Pangilinan.
Pangilinan gave his protege some advice before passing on the torch.
“I will simply wish my successor all the best… It’s a great company but it does need a lot of caring and feeding. It’s a hungry animal, it’s hungry for capex, which means you have to generate a lot of cash to feed the requirements of the business, particularly in the network build,” said Pangilinan.
“We are not done yet with 5G and here are Huawei and NTT making noise about 6G. Probably around 2030, you will see a netowrk build out on 6g that will bring costs down,” he added.