Ex-Unilever honcho replaces Espinosa
MANILA -- Hong Kong's First Pacific Co. Ltd. has appointed Ray C. Espinosa, president and chief executive officer of TV5, as its new associate director, head of government and regulatory affairs, and head of communications bureau.
As a result, Espinosa will be stepping down as president and chief executive officer of Philippine Long Distance Telephone Co.'s MediaQuest Holdings Inc., which controls the group's media assets including TV5, but will remain as director of said unit.
PLDT, a unit of First Pacific, added in the statement Espinosa will keep his post as director of the telco giant, as well as of other affiliates of the firm: Manila Electric Co., and Metro Pacific Investments Corp.
Manuel V. Pangilinan, managing director at First Pacific and chairman at PLDT, said in the statement the move will "bring Ray’s experience and expertise in telecommunications, information technology, media, and broadcasting – including his wealth of knowledge in national and regional regulatory frameworks – to the highest level of our Group."
"This will serve the Group well in navigating the legal and regulatory environment where we will need and develop greater synergies and dynamism in all those areas where Ray is strong," he continued.
Pangilinan said Espinosa will be replaced by Noel C. Lorenzana as president and chief executive officer of MediaQuest.
"Noel faces a tough job as he takes on the challenge of turning around TV5, while maintaining the growth momentum at Cignal TV towards leadership in the Pay-TV industry," Pangilinan said.
"Noel’s background in the telco space and in fast moving consumer goods will be of immense advantage in his ability to bring the worlds of media and telecommunications closer," he added.
Lorenzana currently sits as PLDT's head for individual business and head for Smart Communications Inc.'s consumer wireless division. His appointment as MediaQuest's president and chief executive officer comes side-by-side his being chosen to head PLDT's newly-formed Multimedia Office, tasked to coordinate a multi-screen strategy for the firm.
Lorenzana previously held posts at consumer goods giant Unilever's units in the Philippines, and in Malaysia and Singapore.
Meanwhile, Charles A. Lim will replace Lorenzana as PLDT Group's head for individual business.
"The changes described above will take effect on 1st June 2013," PLDT said.