Merkado Barkada
October 24, 2024 | 8:58am
Globe Telecom [GLO 2310.00 ?3.4%; 155% avgVol] [link] disclosed that its board has appointed Carl Raymond Cruz the “Deputy CEO” of GLO, effective January 1, 2025. Mr. Cruz will manage GLO’s day-to-day activities and report directly to GLO’s current CEO, Ernest Cu, who is scheduled to retire in April 2025 after 16 years of leading the Zobel Family’s telco arm. Mr. Cruz will have the “deputy” qualifier removed from his title when Mr. Cu officially retires. Mr. Cruz most recently served as the CEO and Managing Director of Airtel Nigeria, an African telco with approximately 62 million subscribers, and before that he enjoyed a long career with Unilever across various country and regional units in executive positions. Mr. Cu will continue to chair GLO’s 917Ventures, Mynt, Kicks
MB BOTTOM-LINE: On paper, Mr. Cruz is an amazing “get” for GLO and its investors. He has tons of recent, direct telco CEO experience at a massive and growing company, and a long history of working in high-governance megacorps. I don’t have any firsthand knowledge of Mr. Cruz or how he operates, but if I were either of GLO’s peers I’d be concerned about the medium-term competitive outlook for the telecom industry. Sure, GLO’s story in recent years has been dominated by GCash, but maybe Mr. Cruz is about to bring GLO back to its roots. Maybe there’s about to be a streetfight for telco marketshare.
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