Business as usual at 8990, management transition plans underway

Leading low-cost housing developer 8990 Holdings Inc. is finalizing a management succession plan following the death of its president, Willie Uy Tuesday.

“Transition plans are being finalized, and until a new president is appointed, the company’s chief operating officer, Alexander Ace Sotto, shall carry out the duties of president of the company, in an acting capacity,” 8990 said in a disclosure to the stock exchange.

“While the company mourns, operations for 8990 and its subsidiaries will proceed as usual,” it added.

8990’s founders Luis Yu, chairman emeritus and Mariano Martinez, chairman, would actively participate in the management of the company during the transition period.