Metro Pacific Investments Corp. (MPIC) announced on Friday that its president and chief executive officer, Jose Ma. K. Lim, will be retiring effective Dec. 31.

Mr. Lim’s position as president will be assumed by the company’s chairman, Manuel V. Pangilinan, on Jan. 1 next year.

“Mr. Lim will continue to be a board member of the company. There are no matters relating to his retirement that need to be brought to the attention of the shareholders of MPIC,” the company said in a disclosure to the stock exchange.

It added that its board of directors had elected Mr. Pangilinan “to be chairman and president of MPIC effective January 1, 2022.”

Mr. Lim has been with the group for 26 years.

“[He] has been instrumental in the inception of MPIC and has successfully grown MPIC to its current portfolio during his almost 15-year stint with the company,” the company noted.

Mr. Lim will remain a consultant of the company. “[He will] help with the more aggressive business development activities of MPIC,” it said.

MPIC closed unchanged at P3.86 apiece on Friday.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

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