Ambassador to Japan Manuel Lopez on Tuesday stepped down as chairman of Manila Electric Co., ending the Lopez family’s four-decade control of the country’s largest power distributor.
The Meralco board, during the annual stockholders’ meeting of the company, elected president and chief executive Manuel Pangilinan as the new chairman in place of Lopez, while senior vice president and chief operating officer Oscar Reyes was appointed president and chief executive.
Lopez, however, will remain a part of the 11-man board of Meralco, as the Lopez family still has a 3.9-percent stake in the utility firm.
“As I step down as chairman, it is with great sense of fulfillment and pride that I have seen the significant expansion of Meralco’s franchise reach, the tremendous growth of our customer base and electricity sales volume and truly quality customer service and experience Meralco has known for, since Meralco’s transfer into Filipino ownership and management in 1962,” Lopez said.
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