After 16 years in service, Ernest Cu will step down as president and CEO of Globe Telecommunications Inc. in 2025 as the Ayala-led company is set to welcome a younger executive who is currently managing a telecommunication (telco) business in Africa.
The telco giant, in a statement on Wednesday, said that Cu would serve his post until its annual stockholders’ meeting next year when an election for a new president and CEO would be held.
With Cu’s exit, 54-year-old Carl Raymond Cruz will take over the soon-to-be-vacated positions. Cruz, for now, has been appointed deputy CEO effective Jan. 1, 2025 and will report to Cu.
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Cruz is bringing with him his 30 years of experience in the fast-moving consumer goods industry, specifically in general management and marketing.
He serves as the CEO and managing director of Airtel Nigeria, which is the leading mobile network operator in Nigeria.
Cruz held key positions in Unilever West Africa and Unilever Nigeria. The graduate of Bachelor of Science in Marketing Management from De La Salle University also worked for Unilever in the Philippines, India, Thailand and Sri Lanka.
“I am very honored to be given the opportunity to be part of the Globe organization. I look forward to working alongside Ernest and Globe’s talented team to drive growth, elevate customer experience and shape the future of the telco industry,” Cruz said.
Following Cu’s retirement from Globe, the telco veteran will still hold chairmanship in various subsidiaries. These include startup builder 917Ventures, GCash holding company Mynt, venture capitalist Kickstart Ventures Inc. and data center arm STT GDC Philippines.
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Cu, 64, joined the company in October 2008 and was appointed president and CEO on April 2, 2009. Prior to joining the Zobel family’s telco business, he led SPi Technologies, which specializes in systems software and other technology solutions.
“I will remain focused on guiding our corporate strategy, ensuring we advance the broader growth agenda,” Cu said.
The multi-awarded CEO was instrumental in making Globe a telco leader with nearly 60 million mobile subscribers. The telco giant, under his leadership, focused on the growing mobile data segment, offering affordable prepaid internet services.
Globe, at the same time, has been expanding the reach of its 5G services across the country to enable quicker internet connection. Its 5G coverage spans 98.45 percent in the National Capital Region and 94.19 percent in key cities in Visayas and Mindanao.
More than connectivity, Cu has played a role in furthering financial inclusion in the country through GCash, which has now become a popular e-wallet brand Filipinos use to pay for their transactions here and overseas.