Rigodon after PLDT-Digitel deal
MANILA, Philippines - After the historic but controversial merger between two telecommunication giants in the country, a rigodon is underway.
In a disclosure to the stock exchange on Monday, Dec. 26, 2011, Digitel Telecommunications Inc (Digitel) said its chief financial officer Jaime I. Cabangis has resigned effective Dec. 31.
Danny Y. Yu will replace Cabangis, who joined the Gokongwei-led JG Summit Group, the former parent of Digitel, in 2001, after his stint as president and CEO of Asia Amagamated Holdings Corp.
Yu is currently a First Vice President at Philippine Long Distance Telephone Co., the country's biggest telecommunications firm.
PLDT took over Digitel after requlators approved the deal, which created a behemoth that controls over 70% of the local telecommunications market.
Another announcement is expected soon, this time on William Pamintuan, the Digitel lawyer who represents the Gokongwei firm in regulatory issues.
Pamintuan reportedly will join Manila Electric Co. (Meralco), the country's biggest power retailer and a sister company of PLDT.
Meralco and PLDT are both part of local conglomerates that businessman Manuel V. Pangilinan runs for Hong Kong-based First Pacific Ltd.
When the Pangilinan-led group took over Meralco after the Lopez family sold their controlling stake in 2009, changes at the top management posts, especially finance and human resource, also followed. - Rappler.com