Prime Media CEO Manalo resigns citing health, other commitments – BusinessWorld Online
PRIME MEDIA HOLDINGS, INC. said Manolito A. Manalo has stepped down as chairman, president, and chief executive officer (CEO), effective Tuesday, citing health reasons and other professional commitments.
Mr. Manalo resigned as the company’s director effective Jan. 27, the listed company said in a regulatory filing.
Prime Media has not yet named a successor, saying its board of directors will begin the selection process soon.
“The Board of Directors will commence the selection process to identify and appoint a qualified and eligible candidate to fill the resulting vacancy, in accordance with applicable laws, regulations and Company’s governance policies,” it said.
Mr. Manalo is also a managing partner at Ocampo, Manalo, Valdez, and Lim, which was cited during a recent Senate Blue Ribbon committee hearing over alleged involvement in the flood control scandal. The law firm was linked to the issue after it reportedly sent a notice to vacate a property in Forbes Park said to be owned by former House Speaker Martin G. Romualdez.
In March last year, Prime Media obtained approval from the Securities and Exchange Commission for its equity restructuring plan. The company said the restructuring applies P253 million in additional paid-in capital to offset its deficit. The board approved the restructuring in 2024.
At the local bourse on Tuesday, Prime Media shares closed two centavos, or 1.75% higher, at P1.16 per share. — Ashley Erika O. Jose