A telecommunications executive is now at the helm of media conglomerate MediaQuest, as its former president moves up to the Hong Kong-based First Pacific Investment Ltd .
Noel Lorenzana, currently head for individual business for The PLDT group, will replace Ray Espinosa as president and chief executive of MediaQuest Holdings Inc., which includes broadcasting giant TV 5 and other subsidiaries and affiliates.
The announcement was made Tuesday by Manuel Pangilinan, First Pacific Company Ltd. managing director and Philippine Long Distance Telephone Co. chairman.
MediaQuest, which is owned by the PLDT Beneficial Trust Fund, also controls Nation Broadcasting Corporation (NBC) and cable service provider Cignal Digital TV.
It also has a minority stake in BusinessWorld Publishing Corp. and productions house Unitel Group.
"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.
This, as he called Lorenzana's background in telecommunications and in fast-moving consumer goods an "immense advantage."
Espinosa has meanwhile been assigned as the head of First Pacific's government and regulatory affairs as well as it communications bureau.
"Mr. Espinosa will also assist the First Pacific Group in respect of new investments in the Philippines and in the region," Pangilinan said.
"His directorships within the Group will stay. Mr. Espinosa will remain a director of MediaQuest," he added.
Espinosa will however remain a director of MediaQuest and other firms within the Pangilinan-led group of companies, including PLDT, Manila Electric Co. and Metro Pacific Investments Corp.