PLDT director Ty quits to focus on family business

Philippine Long Distance Telephone Company (PLDT) independent director Alfred V. Ty has resigned from the telco giant to focus on his increasing roles in GT Capital Inc. and other family businesses.

 

In a disclosure to the Philippine Stock Exchange on Tuesday, PLDT said its board of directors has already accepted Ty’s resignation that included his membership in a couple of board committees.

 

According to the filing, Ty tendered his resignation due to his increasing roles in GT Capital, where he serves as the co-vice chairman of the board of directors. Ty will also focus on other family businesses.

 

“The resignation of Mr. Ty is not expected to have any significant impact on the company’s current or future operations, financial position or results of operation,” PLDT told the stock exchange.

 

Following Ty’s resignation, the board of directors elected Bernido H. Liu as the company’s independent director to hold office effective September 28 and for the unexpired term of his predecessor.

 

A direct shareholder of PLDT, Liu “possesses all the qualifications and none of the disqualifications for independent directorship,” the telco said, citing a recommendation by the governance and nomination committee.

 

Liu was also appointed as an independent member of all the board committees Ty left.

 

GT Capital is the holding firm of Alfred's father, George S.K Ty. The business empire has a portfolio of directly held interests in Metropolitan Bank & Trust Company, Federal Land Inc., Global Business Power Corp., Toyota Motor Philippines Corp., Philippine AXA Life Insurance Corp., Charter Ping An Insurance Corp., and Toyota Manila Bay Corp.  – Jon Viktor Cabuenas/VS, GMA News