Rene Almendras returning as Manila Water president
MANILA, Philippines – Jose Rene Almendras will be returning to the top post at Ayala-led Manila Water, at a time when the company faces supply issues and legal cases.
In a disclosure to the Philippine Stock Exchange on Friday, August 9, the company said Ferdinand dela Cruz resigned as director, president, chief executive officer (CEO), and chief sustainability officer.
Ayala Corporation said in a separate disclosure that Dela Cruz "availed of early retirement."
Almendras will be taking over the role effective September 1.
He will concurrently serve as president and CEO of AC Infrastructure Holdings Corporation, another Ayala Corporation subsidiary.
Prior to joining the government in 2010, he served as Manila Water's president and CEO.
The latest leadership change comes as the Supreme Court fined Manila Water over P900 million for violating the Clean Water Act.
The Metropolitan Waterworks and Sewerage System Board also imposed a P1.13-billion fine on Manila Water for the supply crisis that began last March. – Rappler.com