The immediate past president of the Ateneo de Manila University has resigned from the board of directors of the Pangilinan-led Philippine Long Distance Telephone Co. (PLDT).
The resignation of 18-year Ateneo President Bienvenido Nebres takes effect "immediately" after having been accepted by the telecommunication giant's board in a meeting Tuesday, a disclosure at the local bourse showed.
Nebres was an independent director; chairman of the PLDT board's audit committee; and member of the executive compensation as well as governance and nomination committees.
His resignation comes at the wake of PLDT Chairman Manny Pangilinan's "disengagement" from the Ateneo.
Pangilinan has said he is cutting ties with his alma mater over "irreconcilable" differences of positions taken on controversial issues, particularly the reproductive health bill and mining.
However, PLDT said in its disclosure that Nebres "has no disagreement with the Board and there are no matters relating to his resignation that need to be brought to the attention of the shareholders of the company."
"His resignation is not expected to have any significant impact on the Company's current or future operations, financial position or results of operation," the disclosure read further.
The PLDT board will elect a new independent director to fill Nebres' position, the disclosure added.
North Korea fired two short-range ballistic missiles into the sea and vowed "merciless" retaliation Monday as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre-rattling. "If there is a particularly sharp escalation, we could see the …