The board of grid operator National Grid Corporation of the Philippines said Wednesday it approved the request of president and chief executive Henry Sy Jr. to avail of an early retirement to focus on his real estate business.
NGCP said in a statement its board approved Sy’s application for an early retirement “effective immediately” and designated chief administrative officer Anthony Almeda as officer-in-charge.
“The board commended Mr. Sy’s seven years of service to the company from its inception to its current status as operator of the country’s power grid,” NGCP said.
Sy, a son of billionaire Henry Sy, will remain as a board director of NGCP representing Monte Oro Grid Resources Corp.
The NGCP consortium holds the 25-year concession contract and the 50-year franchise to operate the country’s power transmission network. It is comprised of the State Grid of China Corp. with 40-percent share as the foreign partner, Calaca High Power Corp. led by Robert Coyuito Jr. with 30 percent and Monte Oro Grid Resources Corp. with 30 percent.
Sy also currently sits as chairman of SM Prime Holdings Inc., one of the biggest real estate firms in Southeast Asia. He is responsible for the real estate acquisitions and development activities of the SM Group which include the identification, evaluation and negotiation for potential sites as well as the input of design ideas.
Sy is also the vice chairman of SM Investments Corp., chairman and chief executive of SM Development Corp., chairman of Pico de Loro Beach and Country Club Inc. and chairman of Highlands Prime Inc.
NGCP, the operator of the country’s transmission highway, elected Sy as president and chief executive in June 2010.
Sy replaced Roque Corpuz after his One Taipan Holdings Inc. bought Monte Oro Grid’s 30-percent stake in NGCP for $350 million in 2010.
Sy, during his appointment, said he would work closely with his partners to ensure that the company would deliver on its commitment to provide transmission reliability and efficiency anchored on continuously improving its facilities and keeping the NGCP workforce highly motivated.
“National Grid’s ability to provide a reliable and cost-effective transmission facility and services will directly redound to the benefit of various industries and the Filipino masses,” Sy said.
He said the company would also look at initiatives to attract the best talents.
“As a former government corporation, we will also propose some salary adjustments in order to attract and keep the best engineers,” he said.
The government turned over the operation of the country’s transmission network to the NGCP consortium in January 2009 after the group offered $3.95 billion during the privatization of power assets in 2007.