Racaza resigns from Xurpas

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XURPAS, Inc. has named Alexander D. Corpuz its new president, replacing Raymond Gerard S. Racaza who resigned from his role as president, chief executive officer and director of the company.

The listed firm made the announcement to the stock exchange on Wednesday, adding the chief executive officer position is yet to be filled up. Mr. Corpuz is being promoted from his former role as chief finance officer and chief information officer of Xurpas.

Mr. Racaza, who cited “personal reasons” for leaving his posts, will remain a principal shareholder of the company with 20% stake.

“I would like to thank Raymond for his almost two decades of service to the company: First as a co-founder… then as COO, and most recently, as our President and CEO. His dedication and contribution to the firm are immeasurable,” Xurpas Chairman Nico Jose S. Nolledo said in a statement.

Mr. Nolledo was the former chief executive officer of Xurpas until he stepped down in July 2018 to focus on the company’s wholly-owned blockchain subsidiary ODX Pte. Ltd.

Xurpas registered losses last year, as its mobile consumer business suffered. For the first nine months of 2018, the company posted an attributable net loss of P184.387 million, from a net income of P81.190 in the same period in 2017.

The company saw a 48% decline in total revenues to P869.103 million, mostly from an 80% fall in mobile consumer services revenues to P230.64 million.

In the same statement, Xurpas said it is tapping Primeiro Partners to be its financial advisor that will provide strategic and financial advisory services.

On its website, Primeiro Partners said among its services for strategic and financial advisory are providing operational advice, acquisition and merger advice, sales support, financial modelling and staff support.

“Primeiro Partners is a leading regional advisory firm, with deep expertise in identifying strategic options for its clients. We are excited to be working with them to chart the next phase in our company’s story,” Mr. Nolledo said in the statement. — Denise A. Valdez