BIZ BUZZ: Almendras says no to FPH
Former Cabinet Secretary Jose Rene Almendras has bowed out of the race for a board seat at Lopez-led First Philippine Holdings Corp. (FPH), just days after emerging as one of its independent director nominees.
FPH told the stock exchange that Almendras formally declined his nomination, citing “personal circumstances” that would prevent him from giving the position the attention and commitment it requires.
The decision came only four days after FPH unveiled its final slate of board nominees for election during its Sept. 25 annual stockholders’ meeting.
Almendras would have brought considerable corporate and government experience to the Lopez company.
During the Aquino administration, Almendras held several cabinet posts, serving as energy secretary, cabinet secretary and foreign affairs secretary.
He is now an independent director of Emperador Inc. and a consultant to Ayala Corp.
Before his stint in government, Almendras spent more than two decades with the Ayala Group, where he held senior positions at Ayala Land and Manila Water.
His earlier banking career included roles at Citibank and the Aboitiz Group’s City Savings Bank.
With Almendras stepping aside, FPH’s disclosed independent director slate still includes Stephen CuUnjieng, Jaime Ayala, Cirilo Noel, economist Cielito Habito, Jose Ramon Garcia and Evelyn Singson.
The company’s regular director nominees, meanwhile, include Federico Lopez, Benjamin Lopez, Francis Giles Puno, Richard Tantoco, Emmanuel Antonio Singson, Mercedes Lopez-Vargas, Miguel Ernesto Lopez, David Chua, Roderico Puno, Lee Benjamin Lerma and Commissioner Diana Pardo-Aguilar.
FPH has yet to disclose whether another nominee will take Almendras’ place on the slate.
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