About two months after he took over the helm of Manila Water Company Inc., tycoon Enrique Razon has stepped down as the east zone concessionaire’s chief to give way for major management reorganization.
In a disclosure to the Philippine Stock Exchange on Tuesday, Manila Water said Razon resigned as the company’s president and chief executive officer, effective August 31, 2021, due to “reorganization of the senior management of the company.”
Replacing him is J.V. Emmanuel de Dios, who will serve out Razon’s unexpired term as president and CEO.
De Dios’ assumption as Manila Water’s new president and CEO will take effect on September 1, 2021.
“Mr. Razon will remain as chairman of the Board of Directors of the company,” Manila Water said.
In June, Manila Water announced Razon’s appointment as the company’s director, chairman of the Board of Directors, president and chief executive officer, and chairman and member of Executive Committee, effective June 3, 2021.
With the ports magnate’s takeover, Fernando Zobel de Ayala stepped down as Manila Water’s chairman of the Board of Directors, chairman and member of the Executive Committee, and member of the Talent and Remuneration Committee. He remains director of the company’s board.
Meanwhile, Fernando’s brother Jaime Augusto Zobel de Ayala resigned as the company’s vice chairman and director.
In February last year, the Ayala Corporation granted 51% voting interest in Manila Water to Razon-led Trident Water through subscription of 820 million common shares of stock from the unissued authorized capital stock of the water distribution utility.
Moreover, Manila Water’s subsidiary, Philwater Holdings Co., granted proxy in favor of Trident Water over the seller’s preferred shares to allow the latter to achieve a 51% voting interest in Manila Water.
Manila Water, the acquired entity, is a publicly listed company holding the exclusive right to provide water services, particularly water treatment, water distribution, sewerage and sanitation services, to the eastern zone of Metro Manila via a concession agreement with the Metropolitan Waterworks and Sewerage System (MWSS).
De Dios was also elected director and member of the Executive Committee and the Talent and Remuneration Committee of Manila Water to serve the unexpired term of Christian Martin Gonzalez, who also stepped down as Manila Water’s director and member of its Executive Committee and the Talent and Remuneration Committee “to provide a vacancy in the Board for the incoming president to fill.”
De Dios is also the CEO of Prime Metro BMD Corporation (PrimeBMD), a joint venture between Australia’s BMD International and Razon’s infrastructure investment arm Prime Metroline Infrastructure Holdings since 2020.
He also served as CEO of GE Philippines from 2012 to 2020 and as an undersecretary of the Department of Energy from 2001 to 2004.
In a separate statement, Prime Infra said Sebastian Lacson, the company’s senior project director leading waste-to-fuel initiatives, assumes the concurrent role of PrimeBMD CEO, which will be vacated by De Dios.
On the other hand, Hans Christian Lopez, deputy project director of WawaJVCo, moves to PrimeBMD as chief operating officer.
The executive changes strengthen Prime Infra’s leadership across its business units as it continues to expand its portfolio, according to Prime Infra.
Prime Infra acquired the controlling stake in east zone water concessionaire Manila Water. — BM, GMA News
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