Manila Water president resigns; effectivity set Aug. 31
Credit to Author: jvicente| Date: Fri, 09 Aug 2019 03:19:18 +0000
MANILA, Philippines – Manila Water Company Inc. (MWCI) President and Chief Executive Officer (CEO) Ferdinand dela Cruz is scheduled to step down on August 31, after the water concessionaire’s Board of Directors has accepted his resignation.
According to the company’s disclosure on Friday and posted at the Philippine Stock Exchange (PSE) website, Dela Cruz will be replaced by former Energy Secretary Jose Almendras, who was elected by the Board in a previous meeting.
“Please be informed that Mr. Ferdinand M. dela Cruz tendered his resignation today as Director, President, Chief Executive Officer, and Chief Sustainability Officer of the Company as well as a member of our Executive Committee effective end of business 31 August 2019,” Manila Water said.
READ: Manila Water CEO says ‘sorry’ for water woes
“Our Board of Directors, at its meeting held this afternoon, accepted the resignation of Mr. dela Cruz and elected Mr. Jose Rene Gregory D. Almendras as President, Chief Executive Officer, and Chief Sustainability Officer effective 01 September 2019, as endorsed by our Nomination Committee,” the company added.
These developments were also confirmed by Manila Water Spokesperson Jeric Sevilla in a message to INQUIRER.net.
Prior to Almendras’ election, he served under the administration of former President Benigno Aquino III. He was also the Aquino administration’s Foreign Affairs Secretary. /jpv