Aboitiz Power Corp. on Thursday announced the resignation of Raphael Perpetuo Lotilla as a lead independent director following his appointment as secretary of the Department of Energy.
Aboitiz Power said in a disclosure to the stock exchange the resignation of Lotilla was filed in compliance with the Securities Regulation Code, its 2015 implementing rules and regulations, the revised disclosure rules of the Philippine Stock Exchange and the issuer disclosure operating guidelines of Philippine Dealing Exchange Corp.
Lotilla resigned on July 11 following his “nomination and appointment to a government position”, the company said.
Member generators of the Philippine Independent Power Producers Association Inc. supported Lotilla’s nomination as DOE secretary.
“We recognize his invaluable leadership and decades-long contribution to the Philippine energy industry. PIPPA believes that his experience and in-depth knowledge of the energy sector makes him the best candidate in this crucial time,” PIPPA said in a statement.
Lotilla served as Energy Secretary from 2005 to 2007 during the administration of former President Gloria Macapagal-Arroyo.
PIPPA expressed readiness to cooperate with Lotilla towards building greater energy security, affordability and sustainability for the Filipino people.
The group has more than 27 member companies engaged in power generation, which collectively generate more than 17,770 megawatts.