PLDT INC. could have a new chief executive before the end of the year, its chairman and current CEO said on Thursday.

"We just started [the search]. It is ongoing now; it is a bit new. Too early to say who the candidates could be at this stage," Manuel V. Pangilinan said.

"It is a wide search. At this stage, I cannot tell you how many [candidates there are]. Hopefully, before the year ends, we can find the right person," he added.

Alfredo Panlilio retired as president and CEO of PLDT and Smart Communications Inc. last December 31 for health reasons, and Pangilinan has temporarily assumed his role until a new person is appointed.

The telco, Pangilinan, also said, expects capital expenditures (capex) to drop this year from the P80-85 billion set for 2023.

"It will be lower this year compared to last year. We are getting a better idea of what is the carryover capex from the issues related to 2022," he explained.

PLDT shares fell by P24, or 1.87 percent, to close at P1,260.00 each on Thursday amid a 0.94-percent decline in the benchmark Philippine Stock Exchange index.