His exit comes amid a larger shakeup in the management ranks at CNN Philippines.
His retirement takes effect September 30.
Pangilinan and other top TV5 bosses are finalizing a deal with the Bloomberg group to form a localized business news channel.
GMA News will also unveil new roles for Connie Sison and Pia Arcangel beginning November 10.
The partnership will see its news division, 9News, forming a solid union with CNN.