Philippines-base operator PLDT announced president and CEO Alfredo Panlilio will retire at the end of this year with chairman Manuel Pangilinan to take the reins.
In a stock exchange statement, PLDT detailed that Panlilio will step down on December 31 and his replacement Pangilinan will assume his new position on January 1, concurrent with his duties as chairman.
Panlilio will stand down after almost three years at the helm, reportedly due to health reasons.
PhilStar reported the departing CEO will retain his role as a director with PLDT and its subsidiaries including mobile operator Smart Communications.
"I would like to thank Al profusely for his service and his loyalty, and wish him the very best," said incoming chief Pangilinan.