He will remain as director of the company, according to a regulatory filing.
Tomas’ older brother Nicasio Alcantara will take the helm of ACR, the publicly-listed company of the Alcantara Group.
Nicasio previously led ACR as chairman and president from 1995 to 2001. He was chairman and chief executive officer of Petron Corp. from 2001 to 2009.
He holds leadership positions and board directorships in several companies including ACR Mining Corp. where he serves as chairman and Phoenix Petroleum where he sits as an independent director.
ACR executive vice president Tirso G. Santillan, Jr. said under Tomas Alcantara’s leadership, ACR helped end the Mindanao power shortage by bringing online two major power facilities that added 313 megawatts to the island’s power supply.
“It was because of his vision and guidance that ACR is now a major power generator with four power facilities serving over eight million people in 14 cities and 11 provinces in Mindanao. ACR will continue to benefit from his wisdom and experience as he continues to serve in the board,” Santillan said.
ACR also announced the appointment of Alexander Benhur Simon and Antonio Alcantara as its new CFO and chief investment and strategy officer, respectively.
ACR , the first private sector power generator in Mindanao, is building a ₱4.5 billion 14.5 megawatt (MW) run-of -river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province.
This is the company’s first foray into renewable energy with at least seven more hydroelectric plants in various stages of development.
Also in the company’s pipeline is the ₱16 billion 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City, targeted to begin operations in 2024.