Century Properties Group (CPG)’s Jose Roberto Antonio stepped down as co-managing director and board member of the company to address the issues of own company, Revolution Precrafted Philippines.
In a disclosure to the exchange on Monday, the listed property firm said its board accepted the resignation during a special meeting on February 22, effectively immediately.
“The board noted that the reason for his resignation is to allow him to focus on addressing the pressing issues in his own company and its allied businesses,” the company explained in the disclosure.
It added that CPG’s board is currently looking for Antonio’s replacement as director and board member.
In another statement, Antonio thanked the board for their support and wished for the continued success of CPG.
“I know I am making the correct decision to step down from my position in CPG as I will leave it under the very capable leadership of the Board and the professional expertise of its senior management team. This will also allow me to focus on addressing the pressing issues in Revolution and its allied businesses,” Antonio was quoted as saying.
Shares of CPG slipped 1 centavo or 2.41 percent to end at P0.405 each on Monday.