Food manufacturer Monde Nissin Corporation has elected former PLDT Chief Financial Officer (CFO) Anabelle L. Chua as Independent Director to replace Romeo L. Bernardo who resigned upon appointment to the Monetary Board of the Bangko Sentral ng Pilipinas.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said Chua’s appointment takes effect immediately and she will serve the remainder of Bernardo’s unexpired term or until its stockholders’ meeting next year.

Chua was also appointed Chairperson of the Board’s Audit Committee, and as a member of the Board’s Risk and Related Party Transactions Committee, and Corporate Governance, Nominations, and Remuneration Committee. 

Independent Director Nina Perpetua D. Aguas was also appointed as Lead Independent Director, member of the Board’s Executive Committee, and Chairperson of the Risk and Related Party Transactions Committee.

The firm’s board also approved the change in designation of Daniel Teichert from Chief Risk Officer to Chief Risk Management Officer.

Last April, PLDT announced the “voluntary separation” of senior executives including Chua following its probe into a massive P33 billion capital expenditure budget overrun.

PLDT said Chua, its Senior Vice President (SVP), CFO and Chief Risk Management officer has availed of early retirement effective April 16, 2023.

Also retired was SVP and Network Head Mario G. Tamayo effective April 14, 2023 while SVP and Chief Procurement Officer Mary Rose L. Dela Paz voluntarily resigned also on April 14.

In a separate disclosure, PLDT said its Vice President Wilson S. Bobier also voluntarily resigned last April 16. His LinkedIn profile said he is Vice President for Network Build - Program Resource & Integration Management.

Another executive, Vice President Alexander S. Kibanoff availed of the company’s Manpower Reduction Program.

PLDT disclosed last March that its “forensic review of the circumstances surrounding the elevated capital expenditure commitments disclosed on December 16, 2022 is substantially complete.”

“The review, which was conducted by external counsel with the assistance of accounting and audit consultants, focused on the period 2019-2022 and identified no evidence of fraud, intentional concealment, or bad faith conduct on the part of any employee of the Company and no basis to restate the Company’s historical financial statements,” it noted.