Xurpas Inc. has engaged Primeiro Partners as its financial advisor to provide strategic services for the company.
This developed as Xurpas announced the resignation of president and chief executive Raymond Racaza from his position effective the end of January. Racaza will remain a principal shareholder with a 20 percent ownership stake in the company.
Alexander Corpuz, who has served as the company’s chief finance officer since 2015, will assume the role of interim president.
Xurpas said a new CEO would be announced in due course.
“I would like to thank Raymond for his almost two decades of service to the company: first as a co-founder to Fernando Jude “Andy” Garcia and myself, then as COO, and most recently, as our president and CEO. His dedication and contribution to the firm, are immeasurable,” said Xurpas chairman Nico Jose Nolledo in a statement to the stock exchange.
“I will work closely with Mr. Corpuz and the rest of our management team during this period of transition,” he added.
Primeiro Partners is a leading regional advisory company, with deep expertise in identifying strategic options for clients.
“We are excited to be working with them to chart the next phase in our company’s story,” Nolledo said.
Xurpas posted revenues of P869 million in the first nine months 2018, down 48 percent from the previous year. It also recorded net loss of P190 million, down 236 percent from the previous nine months of 2017.
The group’s decline in revenues mostly came from its mobile consumer segment, although it was buoyed by a 21-percent year-on-year increase from the enterprise segment.
