LBC EXPRESS Holdings, Inc. (LBC) has implemented a management reshuffle following the resignation of its chairman, Miguel Angel A. Camahort.
Mr. Camahort is also resigning as the company’s president and chief executive officer (CEO) effective Oct. 1, LBC Express told the stock exchange on Wednesday, citing retirement as the reason for Mr. Camahort’s decision.
The company’s board of directors has approved the appointment of Rene E. Fuentes as chairman effective Oct. 1.
Meanwhile, Enrique V. Rey, Jr. is set to replace Mr. Camahort as president and CEO and will serve the remainder of Mr. Camahort’s term until a successor has been duly elected and qualified, the company said.
LBC Express is a publicly listed holding company with two primary business segments: logistics and money transfer services. The logistics segment serves both retail and corporate customers, while the money transfer segment covers domestic and international remittance services.
The company has returned to profitability, recording a second-quarter attributable net income of P31.68 million, a turnaround from a loss of P183.59 million, driven by lower expenses for the period.
For the second quarter, LBC’s gross revenue declined by 5.1% to P3.34 billion from P3.52 billion in the same period last year.
At the local bourse on Thursday, shares in the company closed 76 centavos, or 9.77% lower, to end at P7.02 apiece. — Ashley Erika O. Jose
