By Ashley Erika O. Jose, Reporter
AYALA-LED Globe Telecom, Inc. has named Carl Raymond R. Cruz as deputy chief executive officer (CEO), effective Jan. 1, 2025, with Ernest L. Cu continuing as CEO until the 2025 annual stockholders’ meeting (ASM).
Mr. Cruz has also been nominated for Globe’s board of directors and as CEO for election at the 2025 ASM.
For now, Mr. Cruz will report to Mr. Cu, who will remain chairman of 917Ventures, Inc.; Globe Fintech Innovations, Inc. (Mynt); Kickstart Ventures, Inc.; and STT GDC Philippines, Inc.
Mr. Cu has been a director at Globe since 2009 and has also served on the board’s executive committee. That same year, he was officially appointed as the company’s president and CEO.
According to Globe, Mr. Cruz, 54, has more than three decades of experience in the fast-moving consumer goods (FMCG) industry, specifically in general management and marketing.
He is also the current CEO and managing director of Airtel Nigeria, a telecoms and mobile money services provider in Africa.
Mr. Cruz has also served as the managing director of Unilever West Africa, where he led its operations in Nigeria, Ghana, and Francophone Africa.
He holds a bachelor’s degree in marketing management from De La Salle University.
CHALLENGES TO FACE“Mr. Cruz will face a range of challenges as he steps into the role in 2025… [He] would bring substantial leadership experience, but the telecom industry poses different dynamics than his previous sectors,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.
For Chinabank Capital Corp. Managing Director Juan Paolo E. Colet, the appointment of Mr. Cruz is considered a welcome development considering his track record of “successfully leading large, consumer-focused organizations in developing and emerging markets.”
However, market watchers also warned that Mr. Cruz will have a heavy burden as he takes on his new role, given the challenging market environment in the digital landscape, competition in the telecommunications industry, and the growth of Globe’s financial services such as GCash.
“He will need to drive innovation, particularly in expanding Globe’s digital ecosystem, while also navigating regulatory pressures and evolving customer demands for better connectivity and digital services,” Mr. Arce said.
“The market will be particularly attuned to Mr. Cruz’s vision and strategic direction for Globe. Two key questions in front of him are where he sees the big opportunities for growth and how he plans to turn those opportunities into actual stakeholder value,” Mr. Colet said.
Stock market analysts also said Globe’s decision to retain Mr. Cu as chairman of Mynt, GCash’s holding company, is meant to assure investors, especially those wary of changes, that Globe will continue its initiatives, with GCash being the company’s growth catalyst.
“Mr. Cu’s continued presence as chairman of Mynt reassures investors that he will see to the completion of his initiatives there, especially the much-anticipated IPO of GCash,” Mr. Colet said.
“Additionally, he will need to build upon the legacy of the long-standing CEO [Mr. Cu], maintaining operational excellence while shaping a new vision for Globe’s future,” Mr. Arce said.
At the stock exchange on Wednesday, shares in the company closed P80, or 3.35% lower, at P2,310 apiece.
