PLDT chair Manuel Pangilinan (pictured) was named to replace current chief Alfredo Panlilio, who is retiring due to health reasons.

In a statement, PLDT noted Panlilio will remain a director at PLDT and Smart Communications, and chair of Maya Bank.

Pangilinan will serve as CEO starting 1 January 2024 until a replacement is appointed. He was previously CEO between 2016 and 2021.

Former Smart Communications head Panlilio replaced Pangilinan as president and CEO of PLDT in June 2021.

During his tenure, PLDT reported a budget overrun connected to capex estimated at up to PHP48 billion ($867.2 million) in December 2022, with H1 2023 capex cut and a number of executives leaving.