Manila Water chief resigns amid firm’s alleged violation of Philippine Clean Water
Manila Water Company, Inc. President and Chief Executive Officer Ferdinand Dela Cruz has resigned in the middle of what could be the worst year ever for the Ayala-led water utility.
Right now, the listed firm, together with Metropolitan Waterworks and Sewerage System (MWSS) and Maynilad Water Services, Inc., is being ordered by the Supreme Court to pay the Philippine government a nearly P2 billion fine for their alleged violation of Philippine Clean Water Act.
In a disclosure to the local bourse, Manila Water revealed that Dela Cruz has tendered his resignation on Friday as the company’s “Director, President, Chief Executive Officer, and Chief Sustainability Officer of the Company as well as a member of our Executive Committee effective end of business 31 August 2019”.
The rest of Manila Water’s Board of Directors accepted this resignation and elected former Energy Secretary Jose Rene Almendras to replace Dela Cruz.
Almendras, prior to joining the government in June 2010, already served as Manila Water’s President and Chief Operating Officer since March 30, 2009.
Manila Water said that it was during Almendras’ leadership when the company achieved 100 percent customer satisfaction rating.
“He was instrumental for the expansion and growth of the Company beyond the East Zone. During his term, the Company was awarded as one of the Best Managed Companies in Asia, the Best in Corporate Governance, one of the Greenest Companies in the Philippines, and hailed as the world’s Most Efficient Water Company. In 2011, he was recognized by the World Economic Forum as the new Sustainability Champion for his efforts as President of the Company,” Manila Water told the stock exchange.