Lopez is New CEO of First Gen
January 15, 2008
First Gen Corporation (First Gen) today saw a changing of the guard with the election of Federico (Piki) R. Lopez as CEO of the company. Lopez, who now holds the positions of President and CEO of First Gen, was President and COO of the company since 2002. He takes over the energy portfolio of the Lopez Group from Peter D. Garrucho Jr., who retired as Managing Director for Energy of First Gen's parent, First Philippine Holdings Corporation (First Holdings).
With Garrucho's retirement from First Holdings, Lopez is expected to assume the positions of Managing Director for Energy of First Holdings, and President and CEO of the First Gen and First Gas groups of companies, including Red Vulcan Holdings Corporation, the First Gen subsidiary which recently acquired 60 percent of PNOC EDC. "I am thoroughly excited by our prospects, most especially with our recent acquisition of PNOC EDC. We have an excellent team at First Gen, and we are going to take the company to even greater heights," Lopez said.
Likewise elected was Richard B. Tantoco as Executive Vice President and COO of the First Gen and First Gas groups of companies, where he previously held the position of Senior Vice President for Business Development. "We are excited to be at the helm of 2 companies, First Gen and PNOC EDC, both of which have significant growth opportunities. The First Gen team is primed and ready to take on the challenges and opportunities arising from the high growth power industry," Tantoco said.
Garrucho will be maintaining a governance role in his capacity as director for all Lopez energy companies. "I know the organization is ready and in very capable hands," Garrucho said.
First Gen is the largest Filipino-owned and -controlled independent power generation company in the Philippines, and now accounts for 16 percent of the country's total installed power generation capacity.
Back to Press Releases
