Businessman Tomas I. Alcantara has retired as chairman and president of publicly listed Alsons Consolidated Resources Inc. (ACR), one of the country’s largest conglomerates, effective March 1 this year due to health reasons.
Taking his place is his older brother, Nicasio I. Alcantara, who will be pursuing the company’s aggressive expansion projects in the power sector, primarily renewable energy as the next focus of its investments trajectory.
ACR announced that Tomas Alcantara, known to their employees and executives as “TIA”, will remain as board director in the company. No particular details were given on his current state of health, which prompted his decision to finally pass the baton to another family member in leading their corporation.
The next chairman and president of ACR is not new to topmost corporate leadership having previously served as chairman and president of Petron Corporation, the country’s biggest oil firm which still had its partnership with mammoth oil producer Saudi Aramco during his stint in 1995-2001; and then as Chairman and CEO from 2001 to 2009.
Nicasio also currently holds top post as chairman of ACR Mining Corporation; and as an independent director of Uy-led Phoenix Petroleum Philippines Inc.
Aside from changes at the uppermost layer of the company, ACR likewise confirmed the appointment of Alexander Benhur M. Simon as Vice President and Group Finance Officer; as well as the assumption of Antonio Miguel B. Alcantara to a new post as Chief Investment and Strategy Officer.
As TIA bows down from his current post, ACR Executive Vice President Tirso G. Santillan, paid tribute and recounted the many accomplishments of the firm under the departing chairman and president’s watch.
“Under Tomas Alcantara’s leadership, ACR helped end the Mindanao power supply shortage by bringing online two major power facilities that added 313 megawatts to the island’s power supply,” he narrated.
Santillan further noted “it was because of his vision and guidance that ACR is now a major power generator with four power facilities serving over eight million people in 14 cities and 11 provinces in Mindanao.”
Advancing from these accomplishments, he added, “ACR will continue to benefit from his wisdom and experience as he continues to serve in the board;” while they also extend an open arm to the new leader for his entry in leading the company.
In the portfolio of projects being pushed to completion by ACR are the P4.5 billion Siguil hydropower project in Sarangani province that will yield capacity of 14.5 megawatts; and then the 105MW San Ramon Power Inc facility in Zamboanga City which commands capital injection of P16 billion.
Next in the line-up of the firm’s power ventures will be additional hydropower plants, namely the 22MW Siayan facility in Zamboanga del Norte; and the 42MW Bago hydropower plant project in Negros Occidental.