Businessman Antonio Tiu stepped down as president and chief executive of listed firm Ever-Gotesco Resources and Holdings Inc., after taking over the helm of the company a little over a year ago.
Ever-Gotesco said in a disclosure to the stock exchange Friday Tiu resigned as director, president and chief executive effective Feb. 16, 2023.
The company said Tiu had left “to focus on his agricultural business”. Ever-Gotesco did not identify Tiu’s replacement.
Sources said Tiu was also planning to step down as president of Phil Infradev Holdings Inc. which is engaged in infrastructure and real estate development.
TIu leads two other listed firms—AgriNuture Inc. which is into export, local distribution and retail of agricultural products and Greenergy Holdings Inc. which invests in agriculture, agri-tourism, real estate development, banking and finance and information technology.
TIu was elected president and chief executive of Ever-Gotesco in December 2021. The company acquired the net assets of Agriwave Organic Inc. and 3-J Development Corp. to manage agri businesses and eco-agri tourism, respectively.
The company announced in May 2022 plans to change its corporate name to Everwoods Green Resources and Holdings Inc. as part of its plan to diversify into agri-tourism and bamboo industries.
It also approved a quasi-reorganization to eliminate accumulated earnings deficit and the increase in its authorized capital stock to P7.5 billion to raise fresh capital to fund the expansion into new business ventures.
Ever-Gotesco, owned by the Go family, started operation as a developer of shopping malls. Many of the company’s assets were foreclosed amid the Asian financial crisis in 1997.
The share price of Ever-Gotesco closed unchanged at P0.27 Friday.