New CEO wants Globe as most profitable telco

MANILA, Philippines — Telco-to-tech provider Globe Telecom Inc. has welcomed a new president and CEO who vowed to turn the company into the most profitable in the connectivity industry under his helm.

Globe yesterday elected fast-moving consumer goods and telco expert Carl Raymond Cruz as its president and CEO, succeeding Ernest Cu who has held the position for more than 16 years.

Cruz, who used to head Airtel Nigeria – Airtel Africa’s largest unit – said he plans to make Globe the most profitable telco in the Philippines, confident that the company’s mobile group and e-wallet venture would make that dream a reality in the future.

“Our ambition is to be the largest, most profitable, most admired and highly-engaged telco in the country. Backed by purpose, technology and people, we are building a progressive and inclusive digital nation,” Cruz said.

Despite market challenges, Cruz believes he has what it takes to push Globe to the summit of the telco industry, saying he is resilient enough to make it as CEO of one of the largest telcos in the Philippines, drawing from his experience as Airtel Nigeria chief.

Cruz recalled that the Nigerian naira depreciated by more than double to the 1,200 to $1 level in his first eight weeks as head of Airtel Nigeria.

Moreover, some parts of Nigeria suffered from double-digit inflation during his stint with Airtel Nigeria, compelling him to come up with creative ways to market telco services.

“The kind of devaluation in currency, the kind of impact of inflation where you get 41 percent of inflation in some parts of the country, the volatility (in Nigeria) is massive,” Cruz said.

However, Cruz has a long way to go before he makes Globe the most profitable telco. PLDT Inc. remains  the largest in the industry by net income, booking P32.31 billion in 2024 compared to Globe’s P24.29 billion.

For 2025, Globe is bringing down capital expenditures to below $1 billion in line with efforts to trim spending and save up on cash. The telco is working on becoming cash flow positive this year to generate the best possible returns for investors.

Cruz comes in as Globe head at a time when the telco’s subscriber base has reached 60.9 million, with its low-cost broadband GFiber Prepaid gaining steam, adding over 260,000 customers.

Globe’s e-wallet GCash is also dominating digital finance, with eight in 10 Filipinos on the app to access its financial services like instant remittance and quick loans.