Petron announces changes at the top
MANILA, Philippines (UPDATED) - Petron Corp, the country's biggest oil refiner and retailer, confirmed on Tuesday, February 19, long-rumored changes at the top.
In a disclosure to the stock exchange, Petron confirmed the resignation of Eric O. Recto as president, and of Ferdinand Constantino from the company's board.
Recto, 49, will take on the newly created position of vice chairman of the board, while Nepomuceno was appointed as advisor to the board's compensation and audit committees.
Rectos said he needs to spend more time and focus on Philippine Bank of Communications (PBCom) where he is chairman. His uncle, billionaire Roberto V. Ongpin, sold all his stakes in the bank to Recto following legal woes.
"I have been PBCom chair since mid-year last year (2012). Given my increased stake in the bank, I need to focus on it," he replied to reporters when asked about it.
Recto has been Petron president since October 2008, when San Miguel Corp., then diversifying away from core food and drinks, acquired controlling stake in Petron.
Recto is the newphew of businessman Roberto V. Ongpin whose business group has stakes in San Miguel. Recto served in the government as Finance Undersecretary, before joining Ongpin's businesses.
Lubin B. Nepomuceno, 61, was named the new president and elected as the newest member of the Petron board. He will serve the remaining portion of Constantino's term as board member.
"The change will ensure continuity. Lubin is qualified to be Petron president," Recto said of his successor.
Nepomuceno has been Petron's senior vice president and general manager since July 12, 2010. He also served as general manager and head of the company's supply, operations and refinery.
Nepomuceno has a Bachelor of Science degree in Chemical Engineering and an Masters in Business Administration (MBA) from the De la Salle University.
Petron has about 2,000 service stations nationwide – the largest network by far. It remains the undisputed industry leader in the country with a 38.1% share of the total market as of May 2012. - Rappler.com