Globe names interim CEO

MANILA, Philippines — Network provider Globe Telecom Inc. has named the former CEO of a Nigerian telco as deputy head in preparation for his likely takeover next year as permanent chief.

In a disclosure to the Philippine Stock Exchange, Globe said it has appointed Carl Raymond Cruz as deputy CEO effective Jan. 1, 2025, delegating him with the task of managing the telco’s day-to-day operations.

Cruz served as CEO and managing director of Airtel Nigeria, the largest unit under Airtel Africa, the second biggest telco in the continent with a subscriber base of 152.7 million.

He will report directly to Globe president and CEO Ernest Cu during his stint as deputy CEO. Afterward, he will be nominated to replace Cu at Globe’s next annual stockholders meeting in April 2025.

Once Globe completes its leadership shakeup, Cu will remain in the telco as chairman for several of its units, including Globe Fintech Innovations Inc. (Mynt), the parent of e-wallet giant GCash. Likewise, he will retain chairmanship of 917Ventures, Kickstart Ventures Inc. and ST Telemedia Global Data Centers Philippines.

Cu, who has sat as Globe’s boss for 15 years, said Cruz would be able to deliver as the next head of the telco given the extensiveness of his corporate background.

“(Cruz) has a solid track record as a strategic and transformational business leader who delivers business growth,” Cu said.

Cu’s run with Globe is a tough act to follow, guiding the company to becoming the leading telco in the Philippines for seven years, only snapped in 2023 by its industry rival.

To date, Smart Communications Inc. tops the mobile competition with a subscriber base of 60.76 million, ahead of Globe’s 59.49 million. In spite of this, Globe earns more from customers, as its average revenue per user in the prepaid segment stands at P149 as opposed to Smart’s P135.

Cruz, for his part, was credited for the growth of Airtel Nigeria, pushing up its customer base and improving the data business in the face of economic challenges in Africa. Prior to this, Cruz held leadership positions in Unilever bases in West Africa, Nigeria, Sri Lanka and the Philippines.

Last month, Globe also shook up its boardroom by appointing Juan Carlo Puno as chief finance officer, replacing Rosemarie Maniego-Eala, who retired after 27 years of service.