Tom Navasero is stepping down as executive chairman of Philab Holdings Corp. effective immediately, citing health reasons.
Navasero was recently advised by his doctors to take an extended rest to give due attention to his health. The board accepted his resignation and will soon announce his replacement.
Navasero, who took over the leadership in 2013, steered the reverse takeover of Philab, the holding company which was previously known as Alterra Capital Partners, in 2016.
Philab, through unit Philab Industries Inc., is one of the pioneer local companies that provides life science and laboratory equipment and services. Philab Industries has been in business for almost 60 years. The company grew by supplying health and life science equipment and services to both public and private institutions.
Recently, Philab introduced an In-vitro diagnostics early screening kit for dengue fever through the brand name LABit. It plans to expand its business in the field of in-vitro diagnostics and genomics.
It is actively pursuing mergers and acquisitions prospects in the healthcare sector for the balance of the year targeting the pharma, diagnostics and genetics healthcare sectors.
Navasero will take the time as an opportunity for him to support his advocacy of curbing the spread of NTDs (Neglected Tropical Diseases). He will still oversee the international business developments of his projects MedX and Genomics, health permitting. He remains as the majority shareholder of Philab Holdings.
“Together with the rest of Philab, we will continue to work on innovating our roster of businesses to help save lives. I thank Tom’s vision and dedication in empowering the patient and making healthcare accessible which remains the heart and soul of Philab,” said president and chief executive Darlene Berberabe.