Listed Basic Energy Corp. announced Tuesday the resignation of its chairman and director over health reasons.
Basic said in a disclosure to the Philippine Stock Exchange the company received a formal letter-notice from Ramon Villavicencio on April 1, informing his decision to step-down as chairman as well as vacating his position as a director/member of the board, citing personal health concerns.
“The board respects the decision of the chairman and shall undergo the proper process in deliberating on the replacing individual for the vacancy caused by the said notice,” the company said.
It said the functions of the chairman may be assumed by the two incumbent vice chairs—Oscar De Venecia Jr. and/or Manuel Gonzalez for the meantime.
Basic elected Villavicencio as chairman in December 2021.
Villavicencio has more than 50 years of experience in the petroleum industry and pioneered oil recycling, hydro fuel technology and blended biodiesel availability for Flying V stations and the utilization of double hull/double bottom tankers way before the government’s mandate for the iuse of these type of tankers in 2010.