MANILA, Philippines – Antonio Tiu has stepped down as director, president, and chief executive officer of infrastructure and real estate developers Philippine InfraDev Holdings (INFRA) as well as of Ever-Gotesco Resources and Holdings (EVER), citing the “need to focus on his agricultural business.”
In a sudden move, Tiu resigned from EVER on Thursday, February 16.
“We would like to inform you that Mr. Antonio L. Tiu has resigned as Director/President/CEO of Ever Gotesco Resources and Holdings, Inc., effective today, February 16, 2023 due to his need to focus on his agricultural business,” read a Philippine Stock Exchange (PSE) disclosure on Friday, February 17.
Tiu then tendered his resignation from INFRA the next day, Friday, “effective immediately.” In a PSE disclosure on Monday, February 20, Tiu explained he resigned “to focus on the agriculture sector to help address what has now become the most pressing need of our country – food security.”
Two years ago, Tiu guaranteed that the Makati Subway project, which is being developed by INFRA, was still on track despite pandemic-related delays. The $3.7 billion Makati Subway project is intended to connect destinations throughout Makati and nearby cities and set to be finished by 2025. In 2019, INFRA partnered with Chinese firms Hui Gao Investments Development and Shanghai Mintu Investments for the planned subway.
Both EVER and INFRA have yet to name a successor to the vacated positions.
Tiu, who was named among Forbes’ top 50 richest Filipinos in 2019, holds multiple leadership positions in agribusinesses. He serves as the chairman, president, and CEO of AgriNurture as well as its parent firm Earthright Holdings. AgriNurture, a PSE-listed firm, is engaged in farming, manufacturing, and distribution of agriculture goods, establishing itself among the country’s top fresh mango exporters. He also holds the position of president and CEO of Beidahuang Philippines.
Tiu has stakes in other sectors as well. He is the president and CEO of Greenergy Holdings, which invests in agriculture, fintech, biotech, green infrastructure projects, and renewable energy. He also sits as the chairman of The Big Chill, a smoothie kiosk business. – Rappler.com
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