In a special board meeting on August 10, Sy resigned as president but stayed on as chairman.
He was replaced by abogado Paul P. Sagayo Jr. as president and CEO.
Coyiuto was named vice chairman.
The move is meant to strengthen Synergy’s compliance with the best practices on good governance.
The board also named Cheryl S. Saldaña-de Leon as corporate secretary; Ma. Theresita G. Yulo as treasurer, and former Energy Secretary Raphael Lotilla as lead independent director. It also elected two new independent directors Luis Jose P. Ferrer and former Energy Regulatory Commission (ERC) executive director Francis Saturnino C. Juan.