Power retailer Manila Electric Co. on Tuesday named Ray Espinosa as incoming president and chief executive in place of Oscar Reyes effective May 28, 2019.
Meralco said in a disclosure to the stock exchange Espinosa was appointed as the deputy chief executive effective Jan. 28, 2019 and would assume the top post in May.
Espinosa has been a director of the company since May 26, 2009. He is also the chairman of the finance committee of the board.
“Mr. Espinosa will assume the position of president and chief executive officer after Mr. Reyes leaves Meralco service on May 28, 2019,” the company said.
Reyes has served as director, president, and CEO of Meralco since July 1, 2010.
Meralco is expected to post a higher profit in 2018, compared to the P20.3-billion net income it declared in 2017.
“Quite well, the profits would be ahead of 2017,” Meralco chairman Manuel Pangilinan said when asked about the company’s financial prospects earlier.
Meralco posted a consolidated core income of P20.2 billion in 2017, up 3 percent from P19.583 billion in 2016. Consolidated reported net income reached P20.384 billion in 2017, also up 6 percent from P19.176 billion in 2016.
Pangilinan said prospects for 2019 would be even better. “We’re optimistic for this year. Generally speaking, prospects for the economy has improved with inflation down, higher income, the interest rates, increases in tenor, so we are optimistic about it. It has its effects in the stock market as well,” Pangilinan said, adding electricity demand was quite strong in January.
Meralco officials earlier predicted that full-year sales would grow 4.5 percent to 5 percent. Meralco is the country’s biggest power distributor with over six million customers in its franchise area.