Chot Reyes resigns from position as TV5 CEO

FILE: “Serious coaching going on at Toni & Guy sportsfest #teamPUSO #teamNSD” (Photo: @cherrytreyes/Instagram)

Fifty-five-year-old Chot Reyes, known as a five-time Philippine Basketball Association (PBA) Coach of the Year and former head coach of the Philippine National team, officially stepped down from his position as the President of TV5 Network, Inc. after less than three years fulfilling the top job.

Initially confirming the news to the Philippine Daily Inquirer, Reyes stated, “I’ve been here (working for the network) more than five years and, you know I’m really not the corporate guy. I asked if I could opt for early retirement.” He thanked Manny V. Pangilinan (MVP) for granting him the opportunities to develop the MVP Group, adding, “It’s been a great 10 years with boss MVP and the group. But now, it’s time to move on to other things.”

Reyes reported that when he initially turned in his resignation letter, PLDT chair and Chief Executive Officer (CEO) MVP spoke to him “about moving to another company within the group,” but the eight-time PBA champion declined. He also denied rumors of a riff with the head, stating that his departure is “part of the basketball culture.”

“Coach Chot” as many recognize him, preceded Noel Lorenzana with the TV5 Presidential position effective October 3, 2016. One of the first things he did once initiate was to reduce the amount of expensive entertainment shows on the channel, focusing on news programming and sports. A year later, he announced partnering with ESPN Inc.

With his retirement from the television network, Reyes stated that he will now be focusing on his personal business ventures, such as Coachcom Inc., Toni & Guy, and an upcoming dialysis center in Novaliches.

Reyes has also confirmed that Jane Basas, the current Cignal TV president, will be taking over his position. The former Media5 president and Smart Communications’ prepaid marketing head is described by her coworkers being able to “get things done.”