BIZ BUZZ: Dramatic exit
Mr. Telecom Veteran is retiring from a long and fruitful career, but not before losing (or maybe nearly losing) the good graces of the top boss. This executive’s company was about to enlist into its fold a young marketing whiz from a major consumer-focused company in order to infuse new blood into the organization. But the prospective young recruit had a sudden change of heart, which was blamed on the veteran executive’s indecision.
According to the grapevine, it wasn’t clear exactly where in the organization the young marketing whiz would be assigned, especially since Telco Veteran couldn’t say exactly when he would retire. Thus, the young guy chose to stick with his current employer.
But while the consumer group was very much willing to take him back, its top honcho reportedly rang up the telco’s “Bossing” to hear the story behind the frustrated transfer. Bossing, in turn, called up Telco Veteran to shed light on the matter. But the veteran was on a holiday break.
Based on one version, Bossing was so irked that Telco Veteran was given no choice but to retire posthaste. Another version said that, prior to Telco Veteran’s official departure (scheduled sometime this month), he appeared to have patched things up with Bossing, and was even given access to company choppers to bid adieu to company staffers across the country. All’s well that ends well… we hope.—Doris C. Dumlao
All set for Oktoberfest
The San Miguel Corp. head office in Ortigas has been spruced up this early for the upcoming Oktoberfest—the local brewery’s version of that famous month-long Bavarian beer festival in Munich.
Giant beer mugs now adorn SMC’s perimeter, while a “beer fountain” (a fountain made of San Miguel beer tin cans) has been set up at the main gate. One can’t gulp from the fountain, though, because what is flowing out of it is only regular water (not real beer, sorry).
The group has a lot to cheer about these days, particularly SMC’s return to the PSEi effective September 12.—Doris C. Dumlao
Beauty, brains and… BDO?
What does it take to succeed in the world of investment banking? Well, it helps to be smart and well connected, to be able to land all those deals. And if BDO Capital’s thrust is correct, it also helps to be pretty. No, make that drop-dead gorgeous.
According to our sources, the investment banking arm of Henry Sy-controlled BDO is in talks with celebrity supermodel Georgina Wilson for her to join the financial institution, not as an endorser, but possibly as an actual employee.
“Beauty and brains” is how one industry executive described the lady, who is also one of the most sought-after product endorsers of late. In fact, Wilson already has an existing relationship with BDO, having served as the image model for its recently launched BDO American Express Blue credit card.
“We’re still in negotiations because we understand she’s very busy,” one insider said when asked about the rumor.
If the deal pushes through, it won’t be the first time that a celebrity has been hired by a financial institution. Some years ago, TV celebrity Nancy Castiglione was hired by ICAP for its bond trading business (with significant success in generating additional volume, we hear).
So… Georgina Wilson as an investment banking rainmaker? Abangan.—Daxim L. Lucas
PAL’s new planes
With Malacañang’s green light for the restructuring of Philippine Airlines, the Lucio Tan-owned flag carrier has begun shedding excess fat and started talks to replace its fleet of wide-bodied aircraft, including its Boeing B747-400 and the Airbus A340 flagships acquired in the early 1990s.
According to our sources, PAL is looking at acquiring additional B777s (on top of the two they already have and the four more scheduled for delivery).
The B777s can carry almost as many passengers as the B747, but run on only two engines that are more efficient that the latter’s four.
In the meantime, PAL will leapfrog into the future if it does proceed with plans to acquire the Airbus A350 XWB (extra-wide body)—a model so advanced that it is still a few years away from actual production. It is meant to compete with the Boeing B787 Dreamliner and replace the airline’s A330s.
With fuel costs representing something like 45 percent of any airline’s operating expenses, PAL is also looking at the Airbus A320neo (new engine option), which will be about 20 percent cheaper to operate.
According to PAL president Jaime Bautista, both the restructuring and the refleeting program will make the airline more competitive in the cutthroat industry.
It will also make PAL more attractive to potential “strategic investors.”—Daxim L. Lucas
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