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.

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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.