Jollibee founder Caktiong elected as PLDT board director

MANILA, Philippines – Tony Tan Caktiong, founder, chairman, and chief executive officer of fast food chain Jollibee, joined the board of directors of Philippine Long Distance Telephone Co. (PLDT) on Tuesday. Caktiong replaced Ma. Lourdes Rausa-Chan as a director, whose tenure in the 11-member board ended at the close of business hours Monday, PLDT told the Philippine Stock Exchange on Tuesday. According to a statement issued by PLDT: "The resignation of Ms. Rausa-Chan is not expected to have any significant impact on the Company’s current or future operations, financial position or results of operation. The Board elected Mr. Tony Tan Caktiong as a director of the Company effective on July 8, 2008 and for the unexpired term of his predecessor in office, Ms. Ma. Lourdes C. Rausa-Chan." Rausa-Chan will remain as PLDT corporate secretary after resigning from the 11-man board. She has been a PLDT director for more than a year. Jollibee has over 1,600 stores, local and overseas, with brands like Chowking (Oriental fastfood), Greenwich (pizza and pasta), Dèlifrance (French bakery/café), Yonghe King (food chain in China), Chun Shi Tang (a Taiwanese tea house), Red Ribbon Bakeshop (cakes/pastries), and Manong Pepe (which features low-priced Filipino favorites). Caktiong was cited as the World Entrepreneur of the Year in 2004 in an Ernst & Young-sponsored global award. He also sits as an independent director of First Gen Corp. PLDT also announced that the board had declared P12.42 million in cash dividends out of its unrestricted retained earnings as of end-December last year. Shareholders with series A, I, R, W, AA, and BB shares listed in the exchange as of July 31 will receive P1 per share by August 29. - GMANews.TV