Reyes to step down as Meralco president

By Lenie Lectura – January 30, 2019
from Business Mirror

MANILA Electric Co. (Meralco) President Oscar Reyes will step down in May this year after having served the utility firm for eight years.

Reyes, who will retire on May 28 this year, will be replaced by Ray Espinosa, current chairman of the Philippine Star and Business World.

The announcement was made by Meralco on Tuesday, a day after the company’s board of directors held a meeting.

Meantime, Espinosa was designated as Meralco’s deputy CEO effective January 28, reporting directly to Reyes.

Reyes used to be Meralco’s EVP and COO before he took over Manuel V. Pangilinan’s role as president and CEO.  Pangilinan is Meralco’s chairman.

Espinosa has been a director of Meralco since May 26, 2009. He is also the chairman of the Finance Committee of the board. He will be introduced as Meralco’s new president and CEO during the company’s annual stockholders’ meeting on May 29.

Espinosa served many key positions in Philippine Long Distance Telephone Co. (PLDT).

These include chief corporate services officer, regulatory affairs and policies head, ePLDT president and  CEO, among others. He once led TV5 Network  and Cignal TV as president and CEO.