Businessman Eric Recto is the new chair and CEO of luxury property developer Alphaland Corp. after being handpicked by his uncle, the late tycoon and former trade secretary Roberto V. Ongpin (RVO), before he passed away last Feb 5.
Recto, the vice of chair of Alphaland since it was started in 2007, assumed the role on Feb. 16 during a special board meeting.
“[T]he family of Mr. Roberto V. Ongpin conveyed the wish of RVO for Mr. Eric Ongpin Recto to take over as chairman and CEO. The board then proceeded with the election of Mr. Recto as the new chairman and CEO of Alphaland,” company president Rodolfo Ma. “Pong” Ponferrada said in a statement on Thursday.
“I, as I am sure the rest of you feel as well, wish him success in his new role. RVO has indeed chosen well,” he added.
Ponferrada said Anna B. Ongpin, daughter of the late tycoon, remains vice chair while her sister, Michelle Ongpin Callaghan, was elected as a member of the board to fill the vacancy of the late Ongpin.
Alphaland is the developer of Balesin Island Resort, Alphaland Corporate Tower, The Residences At Alphaland Makati Place and Alphaland Baguio Mountain Lodges.
Apart from Alphaland, Recto is chair of Philippine Bank of Communications, director of Petron Corp., vice chair and director at Atok-Big Wedge Co. and director of DITO CME Holdings.
In the early 2000s, he was an undersecretary at the Department of Finance in charge of its International Finance Group and the Privatization Office. Recto, who has an MBA from Johnson School, Cornell University in New York, was the former chief finance officer of Alaska Milk Corp. and Belle Corp.