Pangilinan replaced as Philex CEO

Businessman Manuel V. Pangilinan has given up his position as the chief executive officer (CEO) of Philex Mining Corp., the firm told the Philippine Stock Exchange on Thursday. Pangilinan was replaced by Eulalio B. Austin Jr., an engineer and Philex's incumbent president and chief operating officer. Pangilinan, however, stays on as Philex chairman. "The separation of the position of Chairman and of CEO is consistent with the company's Manual on Corporate Governance, which provides that the positions of Chairman and of CEO should, as practicable, be separate," Philex said. Austin became Philex president in January 2012, after serving as its senior vice president for operations and Padcal resident manager in 2011, vice president and resident manager for Padcal Operations from 2004 to 2010, and Mine Division manager (Padcal) from 1999 to 2003. Austin has been with Philex since 1983. Austin is also a director of Philex and president of Silangan Mindanao Mining Co. Inc. Philex has reported that it suffered a net loss of P295 million in 2012 owing to the closure of the Padcal copper-gold mine and the loss of oil and gas investments by subsidiary Philex Petroleum. — KBK, GMA News