SP New Energy names new president and CEO

Tycoon Manuel Pangilinan has vacated his post. 

SP New Energy Corporation announced several changes in its leadership, including the resignation of its President and CEO Manuel Pangilinan, who will be replaced by Emmanuel Rubio.

In a disclosure, the company cited “personal reasons” as the cause for Pangilinan’s resignation. 

Rubio was recently appointed to lead Meralco PowerGen Corporation, the power generation investment arm of Manila Electric Co., after his retirement as president and CEO of Aboitiz Power Corp.

He was also elected as director of SP New Energy, replacing Rochel Donato Gloria who also resigned.

SP New Energy’s COO Dominador Camu, Jr. also left the company and will be replaced by Dennis Jordan. 

Meanwhile, the company announced the assignment of rights, titles, and interest in the Terra Solar Project to Terra Solar Philippines, Inc. (TSPI).

It also subscribed 1,051,850,000 TSPI shares to support its application for increase in authorised capital stock.