PLDT starts search for CEO

MANILA, Philippines -  PLDT Inc. has started a market scan of individuals who can serve as the telco and digital services provider’s new chief executive officer (CEO) as it looks to name a new head of the company by next year.

“I don’t think it will be this year. Maybe next year,” PLDT chairman and CEO Manuel V. Pangilinan said when asked when the company could make an announcement on the new CEO.

He said the company has started to scan the market for possible candidates for the position.

PLDT is considering individuals within and outside the company for the CEO post, including the telco’s chief revenue officer Eric Alberto.

Pangilinan said the market scan is encouraging as the pool to choose from is not as small as he expected it would be.

This, as there are quite a number of Filipinos working in senior positions in companies overseas who could be potential candidates.

“So, in terms of prospects, be it the president of PLDT or a senior position within PLDT or in the group of companies of First Pacific, I think there is a good chance we could and should hire these people. I thought it would be difficult. I thought the potential field of candidates would be narrow. It’s not big, but it is there. It’s very encouraging,” Pangilinan said.

While nothing has been decided in terms of the new CEO, he said the focus of the telco for now is to address issues faced by the company.

“I think it is important we settle down and fix the continuing issues that we face,” he said.

Earlier, he said PLDT would want to begin the selection process for a new CEO this year so, he could let go of the post by either the end of the year or no later than early next year.

He said PLDT’s new CEO needs to be ready to die for the job, give up his family and focus on leading the company’s new digital thrust.

PLDT has set the recurring core income guidance at P21.5 billion for this year as the new baseline from which the company could build upon and grow in the coming years.

To achieve the guidance, PLDT is looking to stem the decline in revenues from the wireless business and to sustain the growth in the home and enterprise businesses.

Asked if PLDT would still be implementing other manpower reduction programs as part of cutting costs, Pangilinan said such program if implemented, would be voluntary and not mandatory.

PLDT’s recurring core income amounted to P5.3 billion in the first quarter this year, down 26 percent from P7.2 billion in the same period last year amid lower service revenues.