MVP to retire as PLDT president and CEO, names Al Panlilio as successor

Filipino tycoon and sports patron Manny V. Pangilinan’s plan to step down from his post as president and CEO of PLDT is finally happening as he bares plan to retire next month.

In a virtual annual stockholders' briefing on Thursday, the 74-year-old businessman who’s popularly known as MVP reportedly said that he will be retiring as president and CEO of PLDT and will be passing the baton over to Al Panlilio, PLDT's current chief revenue officer and Smart Communications incumbent president and CEO.

"I simply wish my successor all the best. It's a great company but it needs a lot of care and feeding. It's a hungry animal hungry for capital expenditures, which means you have to generate a lot of cash to feed the requirements of the business," Pangilinan reportedly said. 

Despite Pangilinan’s announcement, he intends to stay as PLDT’s chairman.

Since his return as president and CEO of PLDT following the retirement of Napoleon Nazareno in 2016, he has been on the lookout for a successor. As early as 2018, Pangilinan had openly talked about stepping down from his posts, which continued in the following years.

Source: https://twitter.com/ShylaFrancisco/status/1390200189953081346