PLDT names SSS chair as new director


Posted at Jan 25 2011 06:31 PM | Updated as of Jan 26 2011 11:44 PM

MANILA, Philippines - Social Security System (SSS) chairman Juan Santos is now a director of telco giant Philippine Long Distance Telephone Co. (PLDT).

Santos was elected by the PLDT board on Tuesday. He replaced Donald Dee, who tendered his resignation on December 15.

SSS held a total fo 5.02 million common shares in PLDT, equivalent to a 2.69% stake, as of end-December, based on data from the local bourse.

Washington SyCip, meanwhile, was appointed as member of the firm's Advisory Committee.

Pedro Roxas and Bienvenido Nebres were also appointed as independent directors. Roxas also sits as a member of the Governance and Nomination Committee while Nebres is with the Executive Compensation Committee.

Seven officials left PLDT last year, including Alfredo Panlilio, a former PLDT senior vice president. Panlilio joined Manila Electric Co. last December 16.

"The separation from service of the aforementioned officers is not expected to have any significant impact on the company's current or future operations, financial position or results of operations," said PLDT.