December 28, 2024 | 12:00am
Yearender
MANILA, Philippines — Telcos undergo some of the quickest changes among all industries. A second can go by and one technology can be replaced by another. Connectivity may remain of the same essence – linking people wherever they may be in the world – but the way it is delivered evolves rapidly.
In almost the same manner, telcos reorganize their boardrooms every now and then to welcome fresh ideas even from familiar faces. And if there is any year that best represents change for local telcos, it is 2024. After all, this is the year when industry leaders PLDT Inc. and Globe Telecom Inc. revamped their management up to the top.
On the first day of 2024, PLDT welcomed Manuel V. Pangilinan back as its president and CEO, replacing Alfredo Panlilio who retired for personal reasons.
Pangilinan was quick on his feet in his return, allowing PLDT to ring in a profit of P28.07 billion as of September. Further, the telco is poised to reach its yearly target of P35 billion in core income.
Pangilinan rehired telco veteran Anastacio Martirez, appointing him as chief operating officer of Smart Communications Inc.
Martirez has taken over Smart at a time when it is only slightly ahead of Globe in the subscriber race. Currently, Smart is on top with 60.3 million, but Globe is close by with 60.2 million.
Aside from this, Pangilinan promoted seasoned executive Menardo Jimenez Jr. as executive vice president and chief operating officer of PLDT. Jimenez is tasked to keep PLDT ahead of rivals in the broadband race. Likewise, Jimenez bears the burden of trying to find ways for PLDT to overcome the saturating market for internet services.
Pangilinan is leading the search for a permanent president and CEO for the PLDT Group, but has yet to signal whether he is close to finding one. One thing is certain: whoever would be selected has a lot of work to do. Right now, PLDT is cruising ahead of competitors, and profit is painting a picture of growth.
On the other side of the fence, Globe did almost the same thing as PLDT, announcing in October that it is appointing Carl Raymond Cruz as deputy CEO starting Jan. 1, 2025. Cruz will be taking care of Globe’s day-to-day operations, and he will be reporting to Globe president and CEO Ernest Cu. Cruz will be nominated as permanent CEO at the annual stockholders meeting in April 2025.
Cruz served as CEO and managing director of Airtel Nigeria, the largest unit under Airtel Africa. During his stint with Airtel, he was credited for expanding the customer base of the telco even as Africa faced economic challenges. Prior to this, Cruz held executive positions in Unilever bases in West Africa, Nigeria, Sri Lanka
and the Philippines. Cu, for his part, will remain as chairman of a handful of Globe units. Cu will stay as chairman of Globe Fintech Innovations Inc. (Mynt), the parent of e-wallet leader GCash. He will also stay on top of 917Ventures, Kickstart Ventures Inc. and ST Telemedia Global Data Centers Philippines.
Before this, Globe kicked off its leadership shakeup with the designation of Juan Carlo Puno as the new chief finance officer. He succeeded Rosemarie Maniego-Eala, who retired from her post to end nearly three decades of service with Globe. Eala left Globe on track to become cash flow positive next year.
Broadband provider Converge ICT Solutions Inc. also made boardroom moves this year, tapping the expertise of a seasoned banker as chief finance officer. In May, Converge named Robert Leo Yu to the role, asking him to ensure that the company is well funded for expansion. Yu filled up the shoes left behind by former Morgan Stanley banker Matthias Vukovich.
Prior to his transfer to Converge, Yu worked as an executive for Citigroup, Morgan Stanley and Sierra Madre Advisers Inc. He also helped Converge before, as consultant when it was preparing for its initial public offering in 2020. So far, Yu is handling Converge’s finances well, with profit up by 29 percent to P8.21 billion as of September.
As a new year enters, consumers can expect telcos to offer new products and services that cater to their evolving needs. Behind closed doors, these solutions are thought of by a few individuals who make sure their company is ahead of the curve. Changes come and go in this industry, as it must to keep connectivity fresh and innovative.
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