Four senior PLDT Inc. executives, including its chief financial officer Annabel Chua, had voluntarily left the company after the telecommunications giant had substantially completed the audit of a four-year, P48-billion capital budget overrun which had undermined PLDT’s profitability, spurred a regulatory probe, and initiated a class suit in the U.S.
Last month, PLDT said the investigation undertaken by external counsel found no evidence of fraud or bad fail on the part of its employees.
PLDT said the overspending was a miscalculation of the demand for 5G, the stiffer competition posed by Dito Telecommunity, a surge in demand of internet connection because of the mobility restrictions implemented by the government at the height of the pandemic, and pressure from former President Rodrigo Duterte to immediately improve broadband connectivity.
Chua, who is also a PLDT senior vice president and chief risk management officer, had gone on leave since the audit started. On Monday, PLDT said Chua opted for early retirement effective April 16.
Mary Tamayo, who is also a senior vice president and PLDT’s network head, also decided to retire early effective April 14.
Mary Rose dela Paz, another PLDT senior vice president and chief procurement officer, voluntarily resigned her office effective April 14.
Alexander Kibanoff, a PLDT vice president, available of the company’s manpower reduction program and is no longer connected with PLDT effective April 16.
