MANILA ELECTRIC CO. (Meralco) on Tuesday announced changes in the company’s leadership.
In a disclosure to the stock exchange, Meralco said its board of directors had approved management changes effective July 1.
Manuel V. Pangilinan will now only hold two positions in the company — as its chairman and chief executive officer (CEO) from being its chairman, president, and CEO.
Ronnie L. Aperocho will serve as the company’s executive vice-president and chief operating officer starting next month. He previously served as Meralco’s senior vice-president and its head of networks.
“This is part of the changes in designation aligned with Meralco’s goal to streamline its operations,” said Joe R. Zaldarriaga, Meralco spokesperson and vice-president for corporate communications, in a statement issued via Viber.
He said Mr. Pangilinan continues to lead Meralco as its chairman and CEO while Mr. Aperocho will oversee the day-to-day operations of the distribution utility after his promotion.
During the company’s annual stockholders meeting last month, it was announced that Ray C. Espinosa is stepping down as president and CEO, with Mr. Pangilinan taking over the posts.
At the local bourse on Tuesday, shares in the company gained P5 or 1.52% to end at P334 each.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose