The resignation and “early retirement” of several key executives of telco titan PLDT Inc. is a move towards reforms after the company figured into a multibillion-peso budget mess, an analyst said on Monday. Know more:
The resignation and “early retirement” of several key executives of telco titan PLDT Inc. is a move towards reforms after the company figured into a multibillion-peso budget mess, an analyst said on Monday.
In filings with the stock exchange, PLDT said its SVP, CFO, and CRMO Anabelle Chua, who has been on leave since the P48-billion budget overrun was announced in December, availed of early retirement. It took effect on Sunday. PLDT VP Alexander Kibanoff, meanwhile, took advantage of the company’s manpower reduction program. He left the company on Sunday.
With the execution of the said program, PLDT was able to taper its capital expenditures overspend to P33 billion. “Until the final results of the investigation will be announced then I think that’s the time where most shareholders will be at peace,” Del Castillo said. Individual service revenues accounted for the lion’s share of the revenue pie at P82 billion, which is 5 percent lower than the P86.2 billion.
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