A sudden shift in leadership has occurred at Prime Media Holdings, Inc., as Manolito A. Manalo has relinquished his roles as chairman, president, and chief executive officer. The departure, effective Tuesday, stems from reported health concerns and a desire to pursue other professional endeavors.
Mr. Manalo’s resignation extends to his position as a director of the company, officially recorded on January 27th. This leaves a significant void at the top, prompting an immediate search for a replacement.
The board of directors has announced the commencement of a thorough selection process, dedicated to finding a highly qualified individual to assume the responsibilities. This process will adhere strictly to all relevant legal regulations and the company’s established governance policies.
The timing of this transition arrives amidst scrutiny surrounding Mr. Manalo’s other professional affiliation. His law firm, Ocampo, Manalo, Valdez, and Lim, recently found itself at the center of attention during a Senate Blue Ribbon committee hearing, linked to a controversial flood control matter.
Specifically, the firm’s involvement surfaced in connection with a notice to vacate a property in Forbes Park, reportedly owned by former House Speaker Martin G. Romualdez. This connection has added another layer of complexity to the leadership change.
Prime Media underwent a significant financial restructuring earlier in the year, receiving approval from the Securities and Exchange Commission in March. The plan involved applying P253 million in additional capital to address a pre-existing deficit, a decision initially approved by the board in 2024.
Despite the leadership change and recent scrutiny, the company’s shares experienced a slight increase in value on Tuesday. Closing at P1.16 per share, the stock rose by two centavos, representing a 1.75% gain.
