Ex-senator Villar returns to Vista Land as chair
MANILA, Philippines - Former senator and presidential candidate Manuel "Manny" Villar is a full-fledged businessman again.
On Tuesday, September 11, real estate firm Vista Land and Lifescapes Inc. told the stock exchange that Villar has been elected as chairman of the board.
He takes over the board post from his son, Manuel Paolo, who was both chair and CEO.
Villar founded the family's real estate business, starting with affordable housing developer Camella Homes in the 70's, earning him the accolades as Asia's "brown tycoon" in the 1990's. The business suffered during the Asian financial crisis, but recovered after it restructured its debts and re-organized the business.
Villar is among the 17 billionaires in the Philippines, according to Forbes magazine.
He became a lawmaker, serving as the Speaker of the House of Representatives from 1998 to 2000, then a senator from 2001 to June 2013. He was senate president from 2006 to 2008. He ran for the presidency in the 2010 elections but lost to President Benigno Aquino III.
He will take over the board seat of Ricardo Tan Jr who has resigned as the chief financial officer.
Cynthia Javarez will act as the interim CFO. - Rappler.com