Alfredo “Al” Panlilio will be retiring from his position as President and Chief Executive Officer of PLDT, effective December 31, as accepted by the board of directors, PLDT announced on Tuesday.

According to the telecom giant, Panlilio will be stepping down from his post for health reasons, and chairman Manuel V. Pangilinan will be taking over as CEO, in a disclosure to the Philippine Stock Exchange.

Pangilinan expressed his gratitude to Panlilio for his service and loyalty, wishing him the very best upon his retirement.

Moreover, PLDT said that the company has sustained profitability and industry leadership during the pandemic under Panlilio’s leadership.

It was noted that with Panlilio leading the company, PLDT had received several citations from local and international organizations for pioneering brand, corporate responsibility, cybersecurity, network, and sustainability initiatives.

In June 2021, Pangilinan stepped down as president and CEO of PLDT.