MVP floats possibility of stepping down as PLDT CEO

PLDT Inc. chairman, president, and CEO Manuel V. Pangilinan on Thursday floated the possibility of stepping down from the helm of the country’s largest telecommunications company.

In a virtual press conference, Pangilinan was asked about his earlier pronouncements that he will relinquish his CEO position should PLDT’s financial position become stable.

In response, he said, “There’s always a time to give up and I think the time is soon. Don’t worry I will keep my word.”

In 2019, Pangilinan said that he will name his successor if he feels that the telco has achieved a steady state of growth in terms of revenues and profitability.

Last year, despite the presence of COVID-19 pandemic, PLDT managed to grow its net income by 8% to P24.3 billion with revenues hitting an all-time high of P171.5 billion.

With this, Pangilinan said that “I do intend to relinquish the (position).”

However, he did not give further details as to when he will be stepping down.

“Power corrupts. No, I’m not. I want to prove to the world that I’m not the type who would cling to power... No, I’m not the type who would do that,” Pangilinan said.—AOL, GMA News