After 16 years at the helm of Globe Telecom Inc., President and CEO Ernest Cu will officially step down on April 22, marking the end of a leadership era that saw the Ayala-led telco rise from a struggling contender to an industry leader and diversified tech powerhouse.
Cu, now 64, leaves behind a company far larger, more profitable, and more impactful than the one he inherited in 2009. Under his stewardship, Globe’s revenues surged to an all-time high of ₱165 billion in 2024—more than double from ₱12.6 billion in net income in 2009, his first year in charge. Over the same period, its mobile subscriber base grew nearly threefold, from 23.2 million to 60.9 million.
“It’s the best time to go,” Cu told Sunday Biz. “Margins are up, stock price is up, market share is stable—so it is a good time to step off the bus.”
Replacing him is Carl Raymond Cruz, a 54-year-old telecom veteran and former CEO of Airtel Nigeria, one of Africa’s largest mobile service providers. Cruz has served as Globe’s deputy CEO since January 1 and is expected to smoothly transition into the top role.
While stepping down, Cu says his primary hope is for Cruz to continue Globe’s strong customer-first culture—a value deeply ingrained in the company’s DNA since its purpose-driven transformation in 2016.
“That is really what took us to leadership,” Cu said. “Alongside the culture of centricity is the culture of collaboration, that concept of friends on a mission. At one point, the mission was to become number one. Now it is to help the Filipino people through digital means.”
Beyond telecom, Cu spearheaded Globe’s evolution into a broad technology ecosystem. The company now operates ventures in broadband, data, fintech (notably through GCash, now eyeing a stock exchange debut), digital marketing, and even venture capital.
From navigating the global economic crisis in 2009 to embracing digital disruption and steering through the pandemic, Cu leaves behind a legacy of resilience, innovation, and growth. His leadership has been credited with not just transforming Globe—but helping redefine the Philippine telco landscape.
