PHILIPPINE Telegraph and Telephone Corp. (PT&T) on Tuesday announced leadership changes, including the resignation of its chief operating officer.
In a stock exchange filing, the company said Chief Operating Officer Miguel Marco A. Bitanga and Chief Information Officer Alberto P. Ambuyo were stepping down effective immediately.
Both are moving to its parent company, Menlo Capital group and listed MRC Allied, Inc., the telecommunication company said. Mr. Bitanga had also resigned as PT&T director, it added.
“This transition presents a significant opportunity for both PT&T and Menlo Capital as the entire group embarks on its strategic initiatives for the next 10 years,” PT&T said.
It had yet to name their replacements.
“We have a robust succession plan in place and are confident that our strong management team will continue to lead the company toward achieving our goals,” the company said. “PT&T is well-prepared for this transition and remains focused on our mission.”
In April, MRC Allied further diversified its business after its board approved the purchase of a 31.2% stake in Rappler Holdings Corp, becoming its biggest stockholder.
Listed property developer MRC Allied also has shares in PT&T.
PT&T seeks to resume trading on the Philippine Stock Exchange after its suspension in 2004 due to issues with the bourse’s reportorial requirements. — Ashley Erika O. Jose