Navasero returns as Philab CEO, chairman

PHILAB HOLDINGS Corp. on Tuesday said its former Chairman and Chief Executive Officer (CEO) Hector Thomas A. Navasero will return to his posts, after the resignation of Darlene Marie B. Berberabe.

In a statement, Philab said its board of directors elected Navasero as chairman and CEO during its meeting on Monday.

“(Ms.) Berberabe has stepped down effective Oct. 9 through a mutual agreement with the Board. Philab cited that she was hired to run the DNA (Philab stock symbol) business on condition that the funds from the Follow On Offering would have come into the corporation,” the company said.

However, Philab deferred its follow-on offering to give its new underwriter China Bank Capital Corp. enough time to conduct due diligence.

“We have been fortunate to have Lelen’s leadership and mentorship over the past challenging months. On behalf of the entire Company, I would like to thank Lelen for her contributions in Philab. We will all miss her passion, leadership and integrity,” Mr. Navasero said, referring to Ms. Berberabe’s nickname.

Mr. Navasero has been Philab chairman until June 2017, when he stepped down from the post due to health reasons.

The Philab board assured that Mr. Navasero is now in good condition to resume his duties.

“I am very excited to rejoin the operating team of the company, and I look forward in executing new business strategies that we have in store,” Mr. Navasero said.

Shares in Philab rose 1% or by five centavos to close at P4.83 each on Tuesday.