John L. Gokongwei Jr. (left), Napoleon L. Nazareno: New Meralco directors. INQUIRER FILE PHOTOS
MANILA, Philippines—John L. Gokongwei Jr. and Napoleon L. Nazareno have joined the 11-seat board of directors of Manila Electric Co., following the sale of the San Miguel group’s stake in the power distributor last year.
Gokongwei and Nazareno will replace Ramon S. Ang and Estelito P. Mendoza, who have divested their holdings in the power distribution company to JG Summit Holdings Inc., Meralco said in a disclosure to the Philippine Stock Exchange on Tuesday.
Gokongwei, chair emeritus of JG Summit, and Nazareno, president and CEO of local telecommunications giant Philippine Long Distance Telephone Co. (PLDT), will serve the remaining term of their predecessors.
The election for Meralco’s board will be held during the company’s stockholders’ meeting on May 27. Apart from Gokongwei and Nazareno, the final list of candidates to the 11-seat board will also include Ray C. Espinosa, James L. Go, Lance Y. Gokongwei, Jose Ma. K. Lim, Ambassador Manuel M. Lopez, Retired Chief Justice Artemio V. Panganiban, Manuel V. Pangilinan, Oscar S. Reyes and Pedro E. Roxas.
It was announced in September last year that the Gokongwei group had struck a deal to buy the remaining 27.1-percent stake held by the San Miguel group in Meralco, after the conglomerate and its subsidiaries sold all of the remaining shares in the distributor, thereby completing its divestment from the utility firm.—Amy R. Remo