MANILA - Tycoon Manny V. Pangilinan on Tuesday stepped down as president and CEO of telco giant PLDT Inc.
Pangilinan, who will remain as chairman of PLDT Inc, officially passed the baton to Alfredo Panlilio, currently the telco's chief revenue officer.
"At the end of this meeting, I will discharge my duty as president and CEO of PLDT. I’ve asked Al to succeed me in this position," MVP said during the company's virtual shareholders' meeting.
"It has been an unparalleled privilege to have served you and this company as your CEO. It has indeed been a remarkable walk with destiny," he added.
Pangilinan said he had served as the company's president for 23 years, witnessing first hand the milestones and ordeals for over 2 decades.
"I would be less than honest if I say I knew from the start what to do or where PLDT should be going. Rather, I have my own dark nights of doubt and long days of despondence. But because we came together as one, hope was nurtured and we all healed. We are now a stronger company, establishing historic high revenues," Pangilinan said.
"My primordial goal as CEO was the rejuvenation of PLDT as the foremost telco in our country," he added.
Pangilinan is also the chairman of Metro Pacific Investment Corp and holds various positions within the MVP group, which has interests in health care, energy, water and media, among others.
Incoming president and CEO Panlilio "humbly" accepted the new post but underscored the pressure of replacing a big name.
"I must confess, I have big shoes to fill since you have set the bar so high," Panlilio said.
Pangilinan cited Panlilio's "long experience" and "competent qualities," which made his decision to step down "less difficult."
PLDT Inc has long been one of the two main telecommunication players in the country, along with Globe Telecom.
— with reports from Bruce Rodriguez and Jessica Fenol, ABS-CBN News