ALSONS Consolidated Resources, Inc. (ACR) on Thursday has named a new president and chairman to lead the firm starting March.

In a disclosure to the local bourse, ACR said that Nicasio I. Alcantara would be the next president and chairman of the company, which was helmed by Tomas I. Alcantara.

It said Tomas Alcantara decided to retire for health reasons, but would remain a director of the company. His retirement would take effect on March 1, the firm said.

Nicasio Alcantara previously led ACR as its chairman and president from 1995 to 2001. From 2001 to 2009, he was the chairman and chief executive officer of Petron Corp. At present, he is the chairman of ACR Mining Corp. and an independent director of Phoenix Petroleum Philippines, Inc.

“We welcome Nicasio Alcantara and his many years of leadership experience in various corporations as he once again assumes the top posts in this company,” ACR Executive Vice-President Tirso G. Santillan, Jr. said in a statement.

Mr. Santillan said the outgoing president had “helped end the power shortage situation in Mindanao by bringing online two facilities, which added 313 megawatts (MW) to the island’s power supply.”

“It was because of his vision and guidance that ACR is now a major power generator with four power facilities serving over eight million people in 14 cities and 11 provinces in Mindanao. ACR will continue to benefit from his wisdom and experience as he continues to serve in the board,” Mr. Santillan said.

ACR also announced that its board of directors named Alexander Benhur M. Simon as vice-president and group chief finance officer, and Antonio Miguel B. Alcantara as the chief investment and strategy officer.

The development comes as the Alcantara-led firm is in the middle of building its 14.5-MW Siguil run of river hydro power plant in Maasim, Sarangani. The P4.5-billion project, which is expected to begin its commercial run next year, is ACR’s first foray into renewable energy.

One of the firm’s pipeline projects is the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City, which is scheduled to go online in 2024.

Last month, the listed firm said that it had earmarked P6.54 billion as capital expenditure budget for four projects under development, including the Siguil hydro plant and the San Ramon coal-fired power plant.

ACR, which claims to be the first private sector power generator in Mindanao, has an aggregate installed capacity of 468 MW.

ACR shares improved 4.51% or 0.06 centavos to close at P1.39 apiece on Thursday. — Angelica Y. Yang