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Ex-Napocor chief gets top Mirant post
(Manila Standard Via Thomson Dialog NewsEdge) Federico Puno, president of Marubeni Philippines Corp. and former chief of state-owned National Power Corp., has been appointed president and chief executive of the joint venture company that took over the Philippine operations and assets of Atlanta-based Mirant Corp.
Crimson Holdings Corp., the Crimson Holdings Co. Inc., the joint venture company of Marubeni Corp. and Tokyo Electric Power Co. of Japan, announced the appointment of Puno, who is also president of San Roque Power Corp., to Mirant employees as they assured them of a smooth turnover within the month.
Crimson Holdings told employees in a letter that there will be no appointments of Tepco/Marubeni personnel to line positions at turnover, except for positions where there are vacancies like that of the president.
Representatives of Crimson began their takeover yesterday. Tokyo Electric representative Toshiro Kudama and Marubeni representative Masumi Kakinoki signed the letter to employees.
We value the perseverance, hardwork and dedication each of you individually and collectively demonstrated throughout these years which resulted in the success and profitability of your company. We hope that you will likewise provide the same zeal and initiative in partnership with us to maintain the stellar performance of your company, the letter said.
The letter added that Crimson will honor all existing employment contracts and honor the continuity of [employees] tenure by giving you full credit of your years of service under existing benefit programs and maintain compensation and employee benefits currently in place.
Copyright 2007 Kamahalan Publishing Corp. , Source: The Financial Times Limited
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