THE success of listed 8990 Holdings Inc. as one of the country’s leading mass housing companies is due to collaborative efforts between its executives and business founders, outgoing CEO JJ Atencio said on Friday.
Atencio explained that his collaborative efforts with fellow executives and with business partners founder Luis Yu and Chairman Mariano Martinez led to the success of the company and not his efforts alone.
“We all had a significant role in the growth of the company. By no means was I the only one responsible for the growth and success of 8990, and my legacy is to have been part of that growth story,” Atencio said.
8990 Holdings is a developer of low-cost mass housing subdivision projects, and medium- and high-rise condominiums. Atencio said 8990 started in 2003 with 30 employees and four ongoing projects
For the first half of this year, it reported a 41 percent drop in gross income and 44 percent drop in net income, attributed to delays in the delivery of its new projects’ licenses, labor shortages, and the momentum buildup of recently launched projects.
Fifty-five-year old Atencio, CEO since 2005, earlier announced he plans to retire by the end of the year. Chief Operating Officer Wilibaldo Uy will take charge of the company’s day-to-day operations upon Atencio’s retirement.