Ferronoux Welcomes New Key Executives

Ferronoux Holdings Inc. is kicking off the new year with new key executives as part of a change in ownership in the company.

- Richmond Mercurio

In a stock exchange filing, Ferronoux said it has elected Okada Foundation Inc. president James Lorenzana as chairman and Themis Group chairman Abel Almario as president.

They will be replacing Michael Cosiquien, who resigned from his post as director, chairman and president of the company.

Ferronoux director and chief financial officer Erwin Terrell Sy has likewise resigned from his position and will be replaced by Johannes Bernabe, a former commissioner of the Philippine Competition Commission.

Cosiquien's ISOC Holdings last week entered into a deed of assignment of shares with Themis for the sale, transfer and assignment of all of its 133.53 million common shares in the listed company for P2.22 apiece or a total of P297 million.

ISOC currently holds 51 percent of the total issued and outstanding capital stock of 261.82 million common shares of Ferronoux.