Carl Raymond Cruz has recently assumed the role of CEO at Globe Telecom, succeeding Ernest Cu, who led the Southeast Asia 500 company for more than a decade. Cruz, a native of the Philippines, brings a wealth of experience from various international markets, including Sri Lanka, India, and Nigeria.
Before joining Globe, Cruz was the CEO of Airtel’s operations in Nigeria from May 2023 to December 2024. During his tenure, he witnessed significant economic volatility in the region. He observed substantial fluctuations in the local currency, where the exchange rate moved from 519.6 Naira per dollar to 750 Naira, and eventually over 1100 Naira, all within a brief period. Additionally, inflation in parts of Nigeria rose to approximately 41-42%.
These experiences have taught Cruz the importance of acknowledging the unique characteristics of different markets. Rather than assuming familiarity due to similarities with other markets, he learned to appreciate each market’s distinctiveness.
Cruz transitioned to the role of CEO at Globe after serving as deputy CEO since January. His career predominantly involved the fast-moving consumer goods sector, where he worked with Unilever in multiple markets. However, the telecom industry has always intrigued him due to its significant impact on the digital economy.
His previous experience with Indian companies, such as Airtel, has contributed to his appreciation for their operational rigor and intensity. This background influenced his decision to join Airtel Nigeria when the opportunity arose.
As Globe’s new CEO, Cruz aims to capitalize on the Philippines’ expanding digital economy to enhance Globe’s market position. While Globe holds a leading position in the mobile sector, Cruz plans to strengthen its presence in broadband, fiber, and enterprise services. He aspires for Globe to become the most admired, profitable, and largest player in the telecom industry.
Globe’s network portfolio includes GCash, a finance super-app managed by the Globe affiliate Mynt. Cruz previously indicated that a GCash IPO might occur as early as the year’s final quarter, although no proposal or application for listing has been filed. He wants to ensure the company is prepared for when the time is right.
Cruz’s strategic outlook links to the broader economic context influenced by global policies such as Trump’s trade tariffs. Despite global uncertainties, he expresses confidence in the Philippines’ economic resilience, citing stable inflation rates, GDP growth, and a robust business process outsourcing sector.
