Aboitiz Equity Ventures Inc., which is into power generation and distribution, banking, food and infrastructure, announced key appointments that will take effect in 2020.
AEV said the board approved the retirement of president and chief executive officer Erramon Aboitiz by January 1, 2020, but he will continue as director of AEV. Sabin Aboitiz will replace him as president and CEO.
Enrique Aboitiz was appointed as chairman of the board from his previous post as vice chairman, while Mikel Aboitiz was named vice chairman from his previous post as director effective December 11.
AEV also appointed Ana Maria Delgado as director effective December 11. Delgado was named director to serve the unexpired term of Jon Ramon Aboitiz, who passed away recently.
Delgado holds the position of senior vice president, center head of consumer finance and chief customer experience officer of Union Bank of the Philippines.
The board, meanwhile, approved the transfer of Horacio Elicano to the company’s Gold Coin Group, and the cessation of his function as the company’s data privacy officer effective February 1, 2019.
The board also appointed Ricardo Lacson Jr. as the company’s data privacy officer effective February 1, 2019.
Lacson was appointed vice president for strategy of AEV in June 2014. Prior to joining AEV, he was the vice president for administration and customer services at the Visayan Electric Co. from August 2009 to May 2014.
AEV posted a net income of P17.3 billion in the first nine months, up nine percent from from P15.9 billion year-on-year. Its core net income stood at P17.7 billion, up four percent from P17.1 billion a year ago.
AEV attributed the higher income to the company’s power, food and land strategic business units.
Power accounted for 72 percent of the income contributions from AEV’s SBUs, followed by banking and financial services, food, land and infrastructure at 17 percent, eight percent, two percent, and one percent, respectively.
AEV is the public holding company of the Aboitiz Group with major investments in power, banking and financial services, food, infrastructure and land.
