LISTED Ayala subsidiary Integrated Micro-Electronics, Inc. (IMI) has named Alberto M. de Larrazabal as its new chairman of the board after his predecessor resigned.

IMI said in a stock exchange disclosure on Tuesday that Mr. Larrazabal, who is an incumbent director, is replacing former director and chairman of the board Delfin L. Lazaro, who resigned due to personal circumstances.

According to the company, Mr. Larrazabal’s appointment was approved by the board of directors and endorsed by its corporate governance and nomination committee on Nov. 24. 

Meanwhile, the listed company said the vacancy on its board is to be filled up “in due course.” 

IMI is the manufacturing arm of AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp. The company manufactures electronics for various markets such as automotive, industrial electronics, and aerospace.   

As of September this year, its attributable net loss expanded to $85.26 million from $4.71 million in the same period last year.   

The company’s nine-month revenues dipped 0.9% to $1.03 billion from $1.04 billion a year ago. 

On Tuesday, shares of IMI at the local bourse declined eight centavos or 2.29% to P3.41 each. — Revin Mikhael D. Ochave