MVP gives up CEO post in Philex

MANILA, Philippines - Businessman Manuel V. Pangilinan relinquished his post as chief executive officer of Philex Mining Corp. but will retain his position as chairman of the country's biggest gold and copper producer.

In a disclosure on Thursday, April 4, Philex said its board elected current company president Eulalio B. Austin, Jr. who was nominated by Pangilinan as the next CEO.

"The separation of the positions of Chairman and CEO is consistent with the company's manual of corporate governance which provides that the positions of chairman and CEO should, as practicable, be separate," Philex said in its disclosure.

The Pangilinan group, through Hong Kong-based First Pacific Ltd, assumed control of Philex in 2009.

Austin rose from the ranks in Philex, starting off as department manager of the company's Mine Engineer and Draw Control group. He was the resident manager of Padcal mine in Benguet, Philex's only operating mine, in 2011, and was named Philex president in January 2012.

Austin also oversaw the temporary shutdown of the Padcal operations following the leak at its tailings pond in August. Operations have temporarily resumed in March to make way for rehabilitation of the tailings pond.

Philex paid over P1 billion in government fines for the incident. -