Nicol retires as MPIC CFO

MANILA, Philippines — Metro Pacific Investments Corp., the tollways and infrastructure conglomerate chaired by tycoon Manuel V. Pangilinan,  and its longtime chief financial officer David Nicol have parted ways.

MPIC made the announcement after the board of directors accepted Nicol’s retirement in a meeting yesterday.

“His retirement was accepted by the board of directors of MPIC during its special meeting on Nov. 26.

Nicol does not have any disagreement with the board of directors of MPIC, and there are no matters relating to his retirement that need to be brought to the attention of the shareholders of MPIC,” the company  said in a disclosure.

Nicol, who has been with MPIC for over a decade, is well regarded by the investment community.

He has regularly been featured as a top CFO in polls by international publications and entities.

The move was unexpected with Nicol having served MPIC for over a decade during which MPIC increased profit every year.

Nicol was credited with engineering the high profile $1.6 billion transaction for MPIC’s hospitals business last year which brought in new investors.

Sought for comment, Nicol said it’s time for new challenges.

“It’s been fun with MPIC and I am still helping out. The team there really is fabulous and it’s been my privilege to work with them. I wish them all the luck in the world. For me it’s time for new things. My home is here in the Philippines which I believe has a great future, and I want to play my part in that,” Nicol said.

During his tenure as CFO, Nicol received recognitions and awards from various parties including Finance Asia, Institutional Investor and Corporate Governance Asia.

Nicol also graciously agreed to be an advisor to the board for the next 12 months to ensure a smooth transition of management.

During yesterday’s board meeting, MPIC’s board of directors also elected June Cheryl A. Cabal-Revilla as the company’s new chief financial officer, chief sustainability officer and member of the board of directors, effective Dec. 1.

Cabal-Revilla holds senior management roles in the PLDT Group - as  PLDT Groupsenior vice-president and group controller, chief sustainability officer and Smart Communication Inc.’s  CFO.