Antonio Tiu suddenly resigns from Ever-Gotesco and Philippine InfraDev
Philippine InfraDev [INFRA 0.91 1.1%] [link] director, President, and CEO Antonio Tiu resigned to focus on his agricultural business.
Tiu also resigned as President and CEO of Ever-Gotesco Resources [EVER 12.76].
Mr. Tiu said that the Makati City Subway project will continue with the company’s Chinese partner-contractor, but that he wants to fully focus his attention on agri-based projects, as food security is important for the country, and he wants to inspire young farmers.
The resignations were made retroactive to February 16. No replacements were named for either company.
MB BOTTOM-LINE
For a guy that previously had no problems spreading himself paper-thin, it’s fascinatingly weird for him to suddenly resign entirely from two companies to focus on agriculture.
This feels really framed to make it seem like quitting these two companies is the logical consequence of needing to focus on agri, but that doesn’t make a lot of sense to me.
Maybe something going on behind the scenes made this a convenient and face-saving way to make changes? Feels rushed.
No succession plan or named replacements.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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