Davao-based businessman Dennis A. Uy is stepping down as the president of listed DITO CME Holdings Corp. in a bid to foster an independent decision-making in the company.
In a disclosure to the Philippine Stock Exchange, DITO CME announced that during a special meeting, its board of directors accepted Uy’s resignation, effective August 16, 2020.
The businessman said the reason for his resignation is “for appropriate balance of power, increased accountability, and better capacity for independent decision-making.”
Nevertheless, Uy shall remain as chairman and chief executive officer of DITO CME.
Ernesto Alberto was appointed as new president, effective August 17, 2020, to serve Uy’s unexpired term.
“The Board's nomination committee is currently in search of Mr. Alberto's replacement as independent director. The Company shall advise the Exchange as soon as a replacement is named,” DITO CME said.
DITO CME, formerly ISM Communications Corp., is a holding company engaged in information technology, multimedia telecommunications, and other similar industries. It currently has no operating business.
In December, it fully acquired the Udenna Communications Media and Entertainment Holdings Corp.
DITO CME chief operating officer Donald Lim earlier said the company will own indirect interest in third telco DITO Telecommunity Corp. “once the necessary governmental approvals are obtained and the appropriate transfer documents are executed; however, the holder of the government franchise is DITO Telecommunity.”
DITO Telecommunity Corp. — a venture of Uy's Udenna Corp., Udenna's subsidiary Chelsea Logistics Holdings Inc., and Chinese state-owned China Telecommunications Corp. — earlier said it is still on track to onboard subscribers by March 2021.
By TED CORDERO, GMA News
Source: Peso Economics
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