MANILA -- Power distributor Manila Electric Company (Meralco) has appointed the replacement of Department of Transportation and Communications (DOTC) Jose de Jesus as senior executive vice president and chief operating officer effective on Thursday.

In a disclosure to the Philippine Stock Exchange, Meralco said its board of directors picked Oscar Reyes, the company’s chief energy advisor.

Aside from the Meralco portfolio, Reyes also sits as one of the directors of Philippine Long Distance Tel. Co. and chairman of MRL Gold Phils. Inc. and Link Edge Inc.

Reyes is also a member of the board of directors of the Bank of the Philippine Islands, Manila Water Co. Inc., Smart Communications Inc., Pepsi Cola Products Philippines Inc., Basic Energy Corp., Sun Life Financial Plans Inc. and First Philippine Electric Corp.

He is a member of the board of trustees of the Pilipinas Shell Foundation Inc., SGV Foundation and El Nido Foundation Inc.

Reyes earned his economics degree (cum laude) at the Ateneo de Manila University in 1965. He also took post-graduate studies at the Ateneo Graduate School of Business, Waterloo Lutheran University and Harvard Business School.

Share prices of Meralco closed at P181 from P183 on Thursday while 269,040 shares worth P49.27 million changed hands. (Virgil Lopez/Sunnex)