MANILA, Philippines — PT&T Corp. has appointed Roberto “Bob” Ortiz, an independent director of the company since 2018, as its new chairman of the board.
PT&T said the appointment of Ortiz followed a thorough selection process led by the nomination committee of the board to allow its former chairman, Salvador “Buddy” Zamora II, to focus on personal endeavors outside the company.
Zamora will continue to serve as non-executive director of the publicly listed telecommunications firm.
“On behalf of the board, and personally, I would like to thank Buddy for the contribution he has made to PT&T during his chairmanship. He has been an excellent chair and has played a crucial role in the successful development of PT&T,” PT&T director and chief executive James Velasquez said.
“We are delighted to welcome Bob as the new chairman. As we aim to expand our footprint nationwide and solidify our digital transformation services, Bob’s experience and entry as our new chair is timely as we shift gear towards raising funds and start our investor roadshows,” Velasquez said.
Ortiz has over 27 years of experience in finance, corporate governance and investment banking, according to PT&T.
He is also director of various local and multinational corporations and serves as a financial advisor of various companies engaged in fintech and stock market investment.
“It is a great privilege to take on the role of chair at PT&T. I look forward to working with the executive team to drive forward the company’s strategy and ensuring that it continues to create significant value for all stakeholders,” Ortiz said.
PT&T officially exited from a court-assisted corporate rehabilitation in late 2018, and has since pursued plans to expand and transform into a digital services provider.
Last year, the company cut its net loss to P31.3 million from P52.4 million in 2019, as revenues rose eight percent to P408.34 million.
PT&T has a network reach of 22,800 fiber kilometers in high-growth areas and covering almost 40 percent of the total population.