PSE fills vacant executive posts

The Philippine Stock Exchange (PSE) board of directors has filled in the two remaining slots in the bourse’s new set of officers with the appointment of Rodolfo Cruz, and Reynaldo Reyes as treasurer and assistant treasurer, respectively.

In a special meeting last March 22, the Vivian Yuchengco-chaired PSE board installed the two to replace Edwin Luy of Triton Securities and Eddie Gobing of Lucky Securities, both of whom have earlier turned down their election as treasurer and assistant treasurer due to their association with the group of Robert Coyiuto.

Both brokers said the reason for declining the positions was that they cannot work with Yuchengco "while a cloud of doubt still looms over her election."

In their first board meeting since the controversial March 9 general elections, the PSE board of directors on March 13 elected Luy and Gobing as officers of the Exchange. The other officials include Ernest Leung as president; Francisco Villaroman as corporate secretary; and Aissa Encarnacion as assistant secretary.

Yuchengco won as PSE chairman over old nemesis Coyiuto by a slim 8-7 vote of the 15-man board immediately following the March 9 elections. But the Coyiuto group, which cornered the majority of the seven seats reserved for broker-directors, contested the voting process, venting their ire on the non-broker-directors led by Leung.

In an organizational meeting, the PSE board recruited Cruz, the corporate nominee of HK Securities and Reyes, a military man and the former treasurer of the AFP-RSBS, to replace Luy and Gobing, respectively.

At the committee level, other Yuchengco allies were installed. Co-chairing the Legislative Committee are Tomas Apacible and Marita Limlingan; at the Listing Committee, William Ang and Peter Favila; Management Audit Committee, Alicia Rita Arroyo; Settlement Committee, Ernest Leung; and By-Laws Committee, Fr. Joaquin Bernas. – Conrado Diaz Jr.