GLOBE Telecom Inc. President and CEO Ernest Cu will be stepping down in April next year and will be replaced by Carl Raymond Cruz, who will transition to the role starting January.

The Ayala-led telco, in a statement, said Cruz would assume the role of deputy CEO effective Jan. 1, 2025. He will be responsible for day-to-day operations and report to Cu, who will remain president and CEO until the April 2025 annual stockholders' meeting (ASM).

Cruz will be nominated as president and CEO at the 2025 ASM, and Cu is expected to remain chairman of Globe-owned corporate investment firm 917Ventures and its unit Globe Fintech Innovations Inc. (Mynt), the holding company of GCash, Kickstart Ventures Inc., and STT GDC Philippines.

"We welcome Carl to Globe," Cu said in the statement, adding that "he has a solid track record as a strategic and transformational business leader who delivers business growth."

"Meanwhile, I will remain focused on guiding our corporate strategy, ensuring we advance the broader growth agenda, while Carl will assume the responsibilities of overseeing the day-to-day operations and take on an essential role to accelerate our momentum, enhance the execution of key strategic priorities, and further strengthen our leadership team," he added.

Cruz, for his part, said: "I am very honored to be given the opportunity to be part of the Globe organization. I look forward to working alongside Ernest and Globe's talented team to drive growth, elevate customer experience, and shape the future of the telco industry," Cruz said.

Cruz was recently the CEO and managing director of Airtel Nigeria, the largest operating company of Airtel Africa, where he grew the company's subscriber base and mobile data business despite macroeconomic challenges.

Prior to working in telecommunications, he held regional and country leadership positions at Unilever, most recent of which are as managing director for Unilever West Africa and concurrent CEO and managing director of Unilever Nigeria (February 2020 to April 2023), chairman and managing director of Unilever Sri Lanka (February 2016 to January 2020), and vice president for customer development (sales) at Unilever Philippines (June 2012 to January 2016).

"He has a successful history of transforming businesses, building strong teams, and delivering exceptional results," Globe said.

Cruz graduated with a Bachelor of Science in Marketing Management from De La Salle University.

Globe shares fell by P80, or 3.35 percent, to P2,310 apiece on Wednesday, outpacing a 0.61-percent drop for the benchmark Philippine Stock Exchange index.