Meralco elects new board; De Jesus named president-COO

The board of power utility giant Manila Electric Co. (Meralco) underwent a major overhaul yesterday with the entry of the San Miguel bloc as well as the appointment of a new president and chief operating officer.

In a special board meeting, the Meralco board of directors installed San Miguel officials led by chairman and CEO Eduardo Cojuangco Jr., president and COO Ramon Ang, legal counsel Estelito Mendoza and Aurora Calderon to the 11-man board, replacing the nominees of state pension fund Government Service Insurance System (GSIS).

At the same time, former Manila North Tollways Corp. president Jose “Ping” de Jesus was appointed as Meralco’s new president and chief operating officer to replace Jesus Francisco, who is set to retire by the end of this month but will remain a director in the company’s board.

Manuel M. Lopez, meanwhile, will continue to act as chairman and chief executive officer of the company.

“I am sure that many in the business community view these changes as a positive development since the new members of the board bring with them a wealth of experience in ensuring the continued strength and viability of Meralco,” Lopez said in a statement.

Former Supreme Court Chief Justice Artemio Panganiban and Vicente L. Panlilio will continue to sit as independent directors of the board.

The San Miguel group gained seats in Meralco’s board following its purchase of GSIS’ 27-percent stake last year. The electricity distributor was the second energy-related company the food and beverage conglomerate had taken a significant investment in, following its entry in oil refiner Petron Corp. earlier this month.

Meanwhile, De Jesus, a former Public Works Secretary, is expected to steer Meralco amidst many impending business changes in the electric power industry.

Among the numerous achievements of De Jesus, he is credited as having steered and guided the MNTC from severe public criticism to understanding and acceptance of the then toll rates of MNTC. 

Currently, De Jesus sits as a member of the Investment and Finance Committee of the Lopez-owned First Philippine Holdings Corp.