Montinola resigns as independent director of RCI
MANILA, Philippines — Retired banking executive Aurelio Montinola III has resigned as independent director of Roxas and Co. Inc. (RCI) after seven years following the purchase of shares in the company by a firm chaired by his wife.
In a disclosure, RCI said Montinola is resigning as an independent director of the company effective immediately.
The move comes after the RCI recently sold treasury shares to a real estate company associated with Montinola’s wife.
RCI said this consequently disqualifies Montinola from serving the company as an independent director.
Montinola has been an independent director of RCI since 2017.
Stonebridge Corp., a company chaired by Gizela Gonzalez-Montinola, purchased 250 million shares or approximately nine percent of RCI for P500 million.
The acquisition makes the Montinola family the third largest group of shareholders in RCI, after the founding Roxas-Elizalde families and solar entrepreneur Leandro Leviste who acquired shares in the company last March.
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