CITING health reasons, Thomas Navasero is stepping down as executive chairman of Philab Holdings Corp. effective immediately, the company said on Wednesday.
In a statement, Philab said Navasero was advised by his doctors to take an extended rest to give due attention to his health.
“The board accepted his resignation, with deep regrets, and will soon announce his replacement,” Philab said.
Navasero, who took over the leadership of Philab Industries, Inc. in 2013, steered the reverse takeover of Philab Holdings, Corp., the holding company which was previously known as Alterra Capital Partners, in 2016.
“Navasero will take this time as an opportunity for him to support his advocacy of curbing the spread of NTDs (Neglected Tropical Diseases),” Philab said.
“He will still oversee the international business developments of his projects MedX and Genomics, health permitting. He remains as the majority shareholder of Philab Holdings.”
Philab Holdings, through its subsidiary, Philab Industries, is one of the pioneer local companies that provide life science and laboratory equipment and services. Philab Industries has been in business for almost 60 years.
The company grew by supplying health and life science equipment and services to both public and private institutions.
Earlier this year, Philab Holdings introduced an in-vitro diagnostics (IVD) early screening kit for Dengue fever through the brand name LABit and is anticipating to expand its business in the field of in-vitro diagnostics and genomics.
Likewise, it intends to actively pursue merger and acquisition prospects in the healthcare sector for the balance of the year targeting the Pharma, Diagnostics, and genetics healthcare sectors.
“Together with the rest of Philab, we will continue to work on innovating our roster of businesses to help save lives. I thank Tom’s vision and dedication in empowering the patient and making healthcare accessible, which remains the heart and soul of Philab,” President and Chief Executive Officer Darlene Berberabe said.
Established by Hector Navasero in the 1950s, Philab is engaged in the life sciences tools and services industry, providing for both public and private institutions before it ventured into supplying IVD test kits.
The company funded Genomics Institute of Asia (GINA) in 2012 and successfully tested the full genome of the country’s black heirloom rice.