Jesus P. Francisco, president and chief operating officer of Manila Electric Company (Meralco), is retiring after 37 years with the power distributor. Francisco, who turned 65 years old last year, intended to retire in June 2008 to cap his seven-year presidency in Meralco. “But it was not meant to be,” he said.
Meralco spokesman Elpi O. Cuna said Francisco’s replacement will be elected by the management during a board meeting that is scheduled before the close of January 2009. However, the retiring official remains part of the company board until May, which is when the next stockholders’ meeting is slated. Meralco is also retaining Francisco’s services as a consultant of the company, according to Chairman and Chief Executive Officer Manuel M. Lopez.
Francisco started his 37-year stay with Meralco back in 1971 as a management trainee, and he performed various roles under four leaderships. In 1998 he became executive vice-president and chief operating officer. 2001 was Francisco’s first year as president, and he had since led Meralco amidst regulatory and technical issues.
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