Giuseppe Garofalo takes helm at Italpinas as developer targets growth cities
LISTED real estate developer Italpinas Development Corp. (IDC) has appointed Giuseppe Garofalo as chief executive officer (CEO) as it pushes to expand in high-growth cities in the Philippines.
“His technical background as an engineer and his extensive experience in construction and operations management have been central to IDC’s record of delivering high-quality, environmentally responsive developments,” IDC said in a regulatory filing on Tuesday.
Mr. Garofalo, who previously served as chief operating officer, said: “I look forward to leading our talented team as we continue to grow responsibly, create value for our shareholders, for the environment and for the communities and deliver thoughtfully designed certified green developments to our clients.”
He replaces co-founder Romolo V. Nati, who will remain chairman of the board and serve as chief design officer. “In my new role, I will continue to guide our design philosophy and long-term strategy, ensuring that our developments remain thoughtful, resilient, and responsive to the evolving needs of our communities,” Mr. Nati said.
IDC President and co-founder Jojo Leviste added that Mr. Garofalo’s appointment “marks a natural and well-deserved progression. His deep operational knowledge, strong leadership, established community relationships, and engineering expertise make him the ideal person to lead IDC into its next phase of growth.”
The company reported a 109% jump in net income to P335.45 million in 2024 from P165.27 million a year earlier, while revenues climbed to P604.23 million.
“This leadership transition and financial performance underscore IDC’s strong organizational foundation and its continued expansion across high-growth cities in the Philippines,” the company said.
Shares of IDC last closed at P0.93 apiece on Nov. 10. — Beatriz Marie D. Cruz
