FOR medical reasons, Richard B. Tantoco is resigning as president of Energy Development Corp. (EDC) effective July 1, the parent firm of the Lopez-led renewables company said on Thursday.
In a regulatory filing, First Gen Corp. also disclosed movements in its subsidiary’s management and board membership. Jerome H. Cainglet has been appointed EDC president in addition to his current position as chief operating officer.
Federico R. Lopez will transition from his role as EDC chairman and chief executive officer to being solely chairman of the board of directors, starting next month. Francis Giles B. Puno, presently a member of EDC’s board, was named vice-chairman and chief executive officer. Mr. Puno is the current president and chief operating officer of First Gen, while Mr. Lopez is its chief executive officer.
Joaquin E. Quintos IV has also resigned from the EDC board to focus on his duties and responsibilities in the companies under the Lopez group’s healthcare industry.
First Gen said the remaining EDC directors, still constituting a quorum, and after the endorsement of the unit’s nomination and compensation committee, elected Mr. Cainglet as director, to serve from July 1 the unexpired term of Mr. Quintos.
Mr. Tantoco will remain a member of the EDC board.
At First Gen, Mr. Tantoco will step down as executive vice-president but will remain a member of its board.
Separately, First Gen’s parent firm First Philippine Holdings Corp. said Mr. Tantoco will also be stepping down effective July 1 as its executive vice-president for medical reasons. He will also remain on its board. — A.E.O. Jose