Dennis Valdes retires from Atok-Big Wedge as Bobby Ongpin firm makes big move to wind power

The nephew of ultra bilyonaryo Bobby Ongpin is stepping down from the board of Atok-Big Wedge (AB) after 13 years.

Dennis O. Valdes has retired as AB director effective August 2. He will be replaced by Jose Raymund Lim Apostol as interim director.

The 60-year old Valdes, currently the president of Ongpin’s Alphaland, has been on AB’s board since 2009. He is a Certified Public Accountant (CPA) and a magna cum laude graduate from the University of the Philippines (Business Administration and Accounting) and Kellogg School of Management alumni had previous stints in PhilWeb, Inquirer Group, and NutraSweet.

Valdes’ retirement has come as a bit of surprise as AB has recently announced its plan to dive into renewable energy with a 500-megawatt wind power project to be built in partnership with an unnamed Chinese firm on the Polillo group of islands which includes Ongpin’s posh Balesin resort.

The AB board approved an amendment to its charter to explicitly state the firm’s diversification into RE.