Aboitiz Power realigns top-level executive posts

Listed firm Aboitiz Power Corporation, which has long been working on its next “succession planning,” is re-aligning some of its top-level executive posts, based on the company’s disclosure to the Philippine Stock Exchange.

Antonio R. Moraza, who was previously reported to be targeting retirement next year, has retained his position as the company’s President, but he will already be stripped of his Chief Operating Officer (COO) title.

Luis Miguel Aboitiz, who is currently the group’s Executive Vice President and COO of Corporate Business Group has been designated Chief Strategy Officer, rather a unique position at least in the hierarchy of many electric power industry players in the country.

Another key executive that has been delegated to another high-level post is Emmanuel V. Rubio, who has been named COO from previously EVP and COO of Power Generation Group.

Aboitiz Power similarly designated Christopher B. Sangster as Executive Director for Business Development and Project Development and Execution; and Robert McGregor as Executive Director-Chief Investment Officer.

All five key corporate officers will assume their new posts on June 1 this year, except for Sangster whose designation changeover will be effective on May 1.

Further, the Aboitiz Group has named Ma. Racquiel J. Bustamante as First Vice President and Chief Finance Officer of Generation Business Group; and Felino M. Bernardo as COO of Generation Business Group. Bustamante will assume on July 1; while Bernardo will be in at his new post on June 1, 2018.

The Aboitiz group is one of the family-led corporations in the country with strategic succession plan – not just on its current batch of executives but on to its next generation of corporate leaders.

That is seen most critical at this point given the exponential growth that the company has logged in the last 10 to 15 years – or the phase when its power generation business had expanded to remarkable proportions following the restructuring of the power industry.

The company is targeting to reach 4,000 megawatts capacity on its power generation portfolio by 2020 – and that is being beefed up this year with roughly 500MW of capacity additions.