In a chance interview on Wednesday, the sports patron and tycoon who oversees a Philippine business empire worth well over P1 trillion was prepared for the query, saying the search is underway and there would be no rush.
“We gotta look at that and consider that very carefully. It’s not that I’m leaving right away,” said Pangilinan, who heads PLDT Inc. as chair and CEO, Manila Electric Co. as chair and CEO, Metro Pacific Investments Corp. as chair and CEO, and Philex Mining as chair.
Big shoes to fill
“I think kawawa yung susunod sa akin [I feel sorry for whoever comes after me],” he added.
During the Management Association of the Philippines’ general meeting last January, Pangilinan told guests succession is an important issue and “something I really have to think about”.
He announced the search for a successor ahead of his birthday on July 14, Bilyonaryo reported.
High standards
During the interview on Wednesday, Pangilinan said he’s fortunate to have many strong contenders within the group, whose parent firm is the Hong Kong-based First Pacific Co. Ltd., which he also leads as managing director and CEO.
In past interviews, he painted his ideal successor as someone who could match his drive. That meant someone willing to put in the long hours, handle high-pressure demands and, in his words, be “ready to die for the job.”
In many ways, Pangilinan was describing his own values and qualifications. Years later, it appears he’s doubtful such a leader can be found.
“When God created me, he threw away the mold,” he said with a grin.
Leadership hunt starts within
For now, he’s focused on grooming their next leaders, starting with his immediate deputies in key companies and subsidiaries.
“It has to start with the one-downs from me. There are succession issues in PLDT, Meralco etcetera,” he said.
“Once that first foundation is laid… then I have to plan on my level as well,” he said.
Good management team in Meralco
Pangilinan said he’s still working to identify individuals who can rise within the group.
Is he confident in the management bench?
“Not completely. But I think there are very strong candidates,” he said.
“For example, in Meralco, you have a very good management team. We just need one or two more otherwise there’s a very strong management team there,” he added.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
