Manny Pangilinan Says He's Ready to Step Down as PLDT Boss

As telco earnings stabilize.

Tycoon Manny Pangilinan said he would give up his leadership position at PLDT Inc "soon" as the telco's earnings continued to stabilize, despite challenges posed by the coronavirus pandemic.

Pangilinan became both chairman and CEO of PLDT in 2016, a year he described as "horrible" because, at that time, the company was still struggling to pivot its legacy phone call business to data.

On Thursday, PLDT reported service revenues of P171 billion, the highest in its history. Data accounted for nearly three-quarters of the company's revenues. Core net income was up 4% to P28 billion.

"I want to prove to the world that I am not the type to cling to power and to perks," Pangilinan said during PLDT's 2020 earnings call. "I am not the type who would do that. I do intend to relinquish whatever it is."

"There's always a time to give up and I think that time is soon. So don't worry, I will keep my word," he said.

Pangilinan also chairs the Metro Pacific conglomerate that includes PLDT as well as Meralco and Maynilad.

He hinted at succession on the same day PLDT announced Marvel Cinematic Universe star Chris Evans as the newest endorser of its wireless unit, Smart Communications.

Smart is headed by the man widely tipped to replace Pangilinan at PLDT, the group's chief revenue officer, Al Panlilio.

This story originally appeared on Reportr.World. Minor edits have been made by the editors.

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