Lopez steps down as Meralco chairman

MANILA, Philippines - Manila Electric Co. (Meralco) chairman Manolo Lopez will step down from his post in the country’s largest power distributor today.

Meralco has set its annual stockholders’ meeting today.

In an interview yesterday, Lopez, 69, confirmed he will focus on his responsibilities as Philippine ambassador to Japan.

“I live there. I am going to go back to Japan at the end of the week,” Lopez said.

But he explained that he will not relinquish his seat in the company’s board. “I will probably remain for another year as a board member, a board director.”

Lopez was the chairman and chief executive of Meralco until 2010, following Hong Kong-based First Pacific Co. Ltd.’s acquisition of almost all shares of First Philippine Holdings Corp. (FPHC) in the power distributor. To date, FPHC owns only 3.9 percent of Meralco while the First Pacific group owns around 48 percent.

First Pacific chief executive and managing director Manuel V. Pangilinan then took over the chief executive post while Lopez remained as chairman.

Lopez described his stint in Meralco as “very fulfilling.”

However, he will not leave the family estate.

“For Rockwell Land, I will continue to be the chairman and also of Lopez Holdings,” Lopez said.