Manila Electric Co. named corporate whiz Manuel V. Pangilinan as its new president and chief executive officer on Tuesday.
Representing First Pacific Co. Ltd. of Hong Kong, which now owns at least 41.3 percent of Meralco, Pangilinan told reporters the group would be “always open,” when asked if the group would buy more shares in the utility to gain majority control.
Given that Meralco is a “legacy asset” of the Lopezes, it’s but “appropriate” that the transition of CEO would be “from one owner to another,” according to Pangilinan. He is taking over the CEO post from Manuel Lopez, who will however remain as a non-executive chair, effective July 1.
“I don’t envisage myself to be a permanent CEO of Meralco,” Pangilinan said. The group will conduct a search committee to seek a permanent CEO but Pangilinan said he could not say yet for how long he would stay in the post.
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