THE Philippine Long Distance Telephone Co. (PLDT) board accepted the resignation of Alfred Ty as an independent director, effective immediately.
Ty will be replaced by stockholder Bernido Liu.
“The PLDT board accepted the resignation of Alfred V. Ty as an independent director of the company, and member of the Audit, Risk, Governance and Nomination and Executive Compensation Committees of the board of directors, effective immediately,” the telco said in a disclosure to the Philippine Stock Exchange (PSE) on Tuesday.
The resignation of Ty is not expected to have any significant impact on the company’s
current or future operations, financial position or results of operation, according to PLDT.
As recommended by the Governance and Nomination Committee, which conducted the screening process and determined that the independent director nominee, Liu, possesses all the qualifications and has none of the disqualifications for independent directorship, the company said.
The PLDT board elected Liu as an independent director to hold office effective immediately and for the unexpired term of his predecessor.
Liu was also appointed as an independent member of the Audit, Risk, Governance and Nomination and Executive Compensation Committees.