MACROASIA Corp.’s board of directors approved the retirement of Joseph T. Chua as president and chief operating officer in a special meeting held on Oct. 8 and appointed Eduardo Luis T. Luy, former treasurer, to take his place.
“The board has thanked [Mr. Chua] for growing the corporation over the years, from a small business making only two million pesos to a company that makes more than a billion pesos of profit before the pandemic hit,” MacroAsia told the exchange on Monday.
Johnip G. Cua, the company’s audit committee chairman, lauded him “for managing the corporation with integrity, with clean audit findings from our external auditors year after year.” Mr. Chua has been a member of MacroAsia’s board of directors for 24 years since August 1997.
Mr. Chua’s retirement comes after a notice was published on the Philippine Daily Inquirer’s Oct. 6 issue distancing the Tan family and their businesses from Mr. Chua, saying he “has no authority to represent Dr. Lucio C. Tan, the Tan Family, and Lucio Tan Group of Companies.”
“Any prior authority or representation given to Mr. Joseph Chua are deemed void and/or revoked,” the notice read.
Mr. Tan sits as the chairman of the board and is the chief executive officer of MacroAsia.
Replacing Mr. Chua is Mr. Luy, who has been a company director and its treasurer since Dec. 12, 2019. Mr. Luy will also be joining MacroAsia’s risk management committee and its investment committee.
Mr. Luy holds a Master of Business Administration degree from the Asian Institute of Management and has a Bachelor of Science degree in Business Administration from the University of the Philippines Diliman.
Meanwhile, Kyle Ellis C. Tan was elected director, and takes Mr. Luy’s post as treasurer. He will also be joining the board’s mining committee to replace Mr. Chua.
Changes were deemed effective on Oct. 8.
MacroAsia offers services in aviation-support businesses, such as aircraft maintenance, repairs and overhaul services, in-flight catering services, among others.
On Monday, shares of MacroAsia at the stock exchange went up by 1.83% or nine centavos to close at P5.02 apiece. — Keren Concepcion G. Valmonte