JANUARIO Jesus Atencio announced on Monday he is stepping down as chief executive officer of 8990 Holdings, Inc. effective December 31, 2017.
Atencio said this is in line with his intention to retire at the age of 55 but he added he will remain with the company in a different position.
“Willibaldo Uy as chief operating officer will now take over day-to-day operations of our projects … This is now an opportunity for Willy to really take charge of the operations as a full-fledged COO,” Atencio told reporters following the company’s annual shareholders’ meeting held in Makati City.
“[But] I will remain on the board for as long as they would have me as a director,” he added.
No official has yet been nominated as his replacement.
Atencio is the founder of 8990 Holdings. He has served as CEO and president of the company’s subsidiaries 8990 Housing Development Corp., 8990 Commercial Management Corp., and Deca Wakeboard Park since 2005.
Meanwhile, Atencio said he remains optimistic of his company’s growth in the years ahead.
“A small company like 8990 Holdings who, 13 years ago, had only one project, 12 staff doing a P189-million investment but has passion, commitment, and the desire to do good with hard work, etc,, no silver platter, no family trust fund, can now work its way up to become one of the major players in the industry and a publicly-listed company targeting a P10-billion topline. If I can do it, anybody can,” he said.
Also on Monday, the company announced that it filed with the Securities and Exchange Commission on July 28 the Registration Statement for the shelf registration of 100 million preferred shares. On the same day, it said it filed with the Philippine Stock Exchange, Inc. the Listing Application for 100 million preferred shares with an initial tranche of 50 million preferred shares.
8990 Holdings is a real estate firm engaged in the development of low-cost mass housing and mid-income housing units.