Lorenzana is new head of Mediaquest, TV5, as Espinosa moves up to First Pacific
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(UPDATED 4:32 p.m.) Manuel V. Pangilinan, Managing Director of First Pacific Company Limited and Chairman of Philippine Long Distance Telephone Company on Tuesday announced the appointment of erstwhile TV5 president Ray C. Espinosa as Associate Director of FPC and his new assignment as the Group's Head of Government and Regulatory Affairs and Head of the Communications Bureau, both in the Philippines. Espinosa will also assist the First Pacific Group with respect to new investments in the Philippines and in the region.
Espinosa will retire as President and CEO of MediaQuest Holdings Inc. and its related subsidiaries and affiliates, including TV5. MediaQuest serves as the investment vehicle in certain media assets - investments deemed to be key to PLDT's transformation process, and which need to be harnessed and optimized in order to build on our competitive advantages. His directorships within the Group (i.e., PLDT, Meralco and Metro Pacific Investments Corporation, amongst others) will stay. Espinosa will also remain a director of MediaQuest.
To take the place of Espinosa, Noel C. Lorenzana, current Head of the Individual Business for the PLDT Group, has been named President and CEO of Mediaquest. Before joining the PLDT group in January last year, Lorenzana served as president of NutriAsia Inc for three years starting 2008.
He worked for more than a decade at Unilever, with postings at Manila, Shanghai, Jakarta and Kuala Lumpur, where he last served as the multinational firm's chairman and managing director for Malaysia and Singapore.
Lorenzana earned a bachelor of science degree in chemical engineering at the University of the Philippines, and took up advanced studies in finance at the Ashbridge Business School. He also took part in the executive education programs of the Kellogg School of Management in Northwestern University, and of the Massachusetts Institute of Technology.
"Noel faces a tough job as he takes on the challenge of turning around TV5, while maintaining the growth momentum at Cignal TV towards leadership in the Pay-TV industry," Pangilinan said. "Noel's background in the telco space and in fast moving consumer goods will be of immense advantage in his ability to bring the worlds of media and telecommunications closer. Our multimedia strategy is crucial to the future of TV5 and of the Group. We extend to, and I assure, Noel our full confidence and unstinting support."
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