Davao’s Dennis Uy relinquishes CEO post in DITO shake-up

By: BusinessInquirer
Source: businessinquirer

MANILA  -Davao-based tycoon Dennis A. Uy is stepping down as CEO of DITO Telecommunity in a management shake-up at the telco challenger that was established to take on industry giants Globe Telecom and Smart Communications.

Uy, who was the CEO of DITO Tel since it was established four years ago, will be replaced by Ernesto “Eric” Alberto, the president of parent firm DITO CME Holdings and a veteran in the telecommunications sector.

“Eric’s wealth of experience in senior capacities in the banking and telecoms sectors spanning several decades will be very valuable in his new role as DITO Tel CEO. His appointment comes at an opportune time as we continue to maintain the company on a high-growth trajectory,” Uy, who will remain chair of DITO Tel, said in the statement. Alberto, who has nearly four decades of experience in telecommunications and banking, joined DITO CME in the midst of the global pandemic in 2020.

He used to be a No. 2 executive at PLDT Inc. and Smart when he served as chief revenue officer from 2016 until he left the Manuel V. Pangilinan-led group in 2019. He was also the former president and CEO of ePLDT from 2013 through 2019. DITO CME chief operating officer Donald Patrick Lim will step up as acting president of the holding company, the statement showed.

The move comes after Uy downsized his stake in DITO CME to help bankroll its capital spending commitments. Last September, DITO CME also secured a $3.9-billion debt facility to help support its ongoing rollout.

“With the recent equity infusions at the DITO CME level and DITO Tel’s signing of the $3.9-billion long-term project finance facility, we have further confidence in DITO CME and DITO Tel achieving their business plan targets at the soonest possible time,” Uy said in the statement.

DITO Tel recently passed the fourth technical audit by the National Telecommunications Commission. It registered a national population coverage of 80.65 percent and minimum average broadband speed of 74.97 megabits per second (Mbps) for 4G and 639.32 Mbps for 5G.