Manila Electric Co. president Oscar Reyes may be transferred to PXP Energy Corp. by May.
Meralco earlier announced the appointment of Ray Espinosa as incoming president and chief executive officer of the company, replacing Reyes effective May 28, 2019.
“To Philex. He knows about it well so he will put him there. Yes, to PXP… He will dig,” said Meralco chairman Manuel Pangilinan, who also chairs PXP Energy.
Philex Mining Corp., where Pangilinan is also chair, owns stakes in PXP Energy, an upstream oil and gas company incorporated in the Philippines whose shares are listed with the Philippine Stock Exchange.
PXP Energy directly and indirectly owns oil and gas exploration and production assets in the Philippines and abroad.
Meralco earlier disclosed that Espinosa was appointed as the deputy chief executive officer of the company effective January 28, 2019, reporting directly to the president and CEO.
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 in a disclosure to the Philippine Stock Exchange.
Reyes served as director and president and CEO of Meralco since July 1, 2010.
Prior to his Meralco stint, Reyes served as the managing director of Shell Philippines Exploration B. V. from 2002 to 2004, and as chairman, CEO, president and adviser of Pilipinas Shell Petroleum Corp. from 1997 to 2001.