Philippine InfraDev [INFRA 0.91 1.1%] [link] director, President, and CEO Antonio Tiu resigned to focus on his agricultural business.
Tiu also resigned as President and CEO of Ever-Gotesco Resources [EVER 12.76].
Mr. Tiu said that the Makati City Subway project will continue with the company’s Chinese partner-contractor, but that he wants to fully focus his attention on agri-based projects, as food security is important for the country, and he wants to inspire young farmers.
The resignations were made retroactive to February 16. No replacements were named for either company.
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For a guy that previously had no problems spreading himself paper-thin, it’s fascinatingly weird for him to suddenly resign entirely from two companies to focus on agriculture.
This feels really framed to make it seem like quitting these two companies is the logical consequence of needing to focus on agri, but that doesn’t make a lot of sense to me.
Maybe something going on behind the scenes made this a convenient and face-saving way to make changes? Feels rushed.
No succession plan or named replacements.
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