Ayala taps Almendras for infrastructure unit
Former Cabinet secretary Jose Rene Almendras will head the infrastructure unit of the country’s oldest conglomerate.
Ayala Corp. announced the appointment of Almendras as president and CEO of AC Infrastructure Holdings Corp.
Almendras has also been appointed managing director of AC and a member of its management committee effective Aug. 1 this year.
He replaces John Eric Francia who will continue to serve as president and CEO of AC Energy Holdings Inc. and a member of Ayala’s management committee.
AC said Francia’s appointment as fulltime CEO of the company’s energy unit was in line with the group’s efforts to further expand its power business.
AC Energy is currently eyeing to double its generating capacity by 2020 as it nears its 1,000-megawatt (MW) capacity target this year.
The company has set a 2,000-MW goal in the next four years which it considers as a “next natural target” since it is close to hitting 1,000-MW target within the year.
Almendras served as Energy secretary under the previous administration before being tapped by former President Benigno Aquino III as Secretary to the Cabinet. Ayala said the appointment of Almendras does not violate any law.
“No prohibition or cooling off needed. There are no disqualification for Mr. Almendras from rejoining Ayala. While serving in government, Mr. Almendras did not have any direct oversight nor approval jurisdictions over our infrastructure projects,” Ayala Corporate Strategy and Development head Paolo Borromeo said.