The Philippines’ PLDT announced that its long-serving president and CEO, Napoleon Nazareno, will retire at the end of the year and chairman Manuel Pangilinan will take over his roles as head of PLDT and Smart.

Nazareno (pictured), who was generally referred to as Polly, was due for mandatory retirement last year, but the board asked him to stay on for another year for the launch of PLDT’s digital transformation programme and to work on a succession plan.

Pangilinan said in a press conference there is no specific timeframe to find a replacement, the Philippine Star reported. Nazareno will become a strategic adviser and remain on the board until a replacement is appointed.

Pangilinan noted that with its focus on digital initiatives, the company needs an executive who can take the lead in pushing that strategy.

PLDT’s mobile unit, Smart, had a 57 per cent market share at the end of Q3, according to GSMA Intelligence. The country’s mobile sector is a duopoly, also served by Globe.