Dennis Uy quits as president of media unit Dito CME Holdings

ABS-CBN News

Posted at Aug 14 2020 11:03 AM | Updated as of Aug 14 2020 11:08 AM

Udenna Corp Chairman and CEO Dennis Uy at the sidelines of the forum attended by Malaysian Prime Minister Mahathir Mohammed at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News/File

MANILA - Businessman Dennis Uy resigned as the president of media and entertainment company Dito CME Holdings Corp effective Aug. 16, the company said Friday.

The board of directors approved the Davao-based businessman's resignation and appointed Ernesto R. Alberto as replacement, Dito CME Holdings Corp said in a disclosure to the stock exchange.

Uy remains as the chairman and CEO of Dito CME Holdings, it said.

"Considering that Mr. Uy continues to hold the position of Chairman, the change shall foster an appropriate balance of power, increased accountability, and better capacity for independent decision-making," the statement said.

DITO CME, a communications & media entertainment company, will own indirect interest in third telco DITO Telecommunity once regulatory approvals are obtained. DITO Telecommunity is the holder of the government franchise, DITO CME Chief Operating Officer Donald Lim earlier said.