Manolo Lopez stepping down as Meralco chair?
MANILA, Philippines - Manila Electric Co (Meralco) was mum on reports that its current chairperson, Manuel L. Lopez, will relinquish his post this May.
"The Company does not wish to comment or speculate on the Chairmanship of the Company after the Annual Stockholders' Meeting scheduled for May 29, 2012," Meralco said in a disclosure to the stock exchange on Monday, April 2.
Meralco was clarifying a Manila Bulletin news report that cited an exclusive interview with Lopez, also referred to as "Manolo."
"In an exclusive interview in Tokyo, Lopez who is also the country's current ambassador to Japan, disclosed that he will likely step down from his non-executive chairman post at Meralco's board," reported the newspaper.
Leaving the post "will be my swan song," Lopez was quoted as saying.
Lopez will reportedly retain his board seat in Meralco.
The Lopez family has sold the majority of their controlling stake in Meralco to the group of Manuel V. Pangilinan. The two business groups had a strategic partnership in 2009 to ward off other groups, including San Miguel and former chief of a state-owned pension fund Winston Garcia, from taking control of the country's biggest power retailer.
The Lopez family retains a minority stake in Meralco.
After the May stockholders' meeting, the board of directors will elect or re-elect its chairman for the coming year. - Rappler.com