Businessman Antonio Tiu is moving out of the chairman’s seat in Greenergy Holdings after 12 years.
During its annual stockholders’ meeting on November 25, Tiu was replaced by Abogado Martin C. Subido as GREEN chairman.
Martin’s brother, Abogado Daniel C. Subido, was also elected as CEO which was used to be held by former Philippine International Trading Corp. chief Dave M. Almarinez who remained as president of GREEN.
Martin and Daniel are part of the Subido Pagente Certeza Mendoza & Binay law firm co-founded by former Vice President Jejomar Binay. Tiu was previously accused of being a dummy of Binay during a Senate probe on the then VP’s Batangas assets.
The other new faces in GREEN’s massive shakeup are directors Edgardo G. Lacson, Ferdinand T. Diaz, and former Education Secretary Prof. Leonor M. Briones.
Tiu’s direct holdings in GREEN have been slashed to 10,000 shares last month from 208 million shares a year ago. His indirect holdings, through Earthright, increased to 2.151 billion shares (both common and preferred) from 1.952 billion during the same period.