By Elaine Ramos Alanguilan

Four top executives of food conglomerate San Miguel Corp. formally joined yesterday the 11-man board of Lopez-led utility Manila Electric Co.

San Miguel chairman Eduardo Cojuangco Jr., vice chairman Ramon Ang, director Estelito Mendoza and financial consultant Aurora Calderon are now part of the Meralco board to replace outgoing directors representing the Government Service Insurance System led by its president, Winston Garcia.

Meralco, in a disclosure to the Exchange yesterday, said the board also approved and accepted the resignations of Garcia, Bernardino Abes, Daisy Arce and Jeremy Parulan.

Ang was nominated vice chairman of Meralco to replace Felipe Alfonso, who also resigned from the position.

Manuel Lopez remains chairman and chief executive of the company.

Cojuangco and Ang were also voted members of the executive committee headed by Lopez. The San Miguel executives also sit in four other important committees.

Former Public Works and Highways Secretary Jose de Jesus was elected president and chief operating officer to replace Jesus Francisco, who is retiring effective Feb. 1, 2009.

De Jesus currently sits as a member of the investment and finance committee of First Philippine Holdings Corp. and was former president and chief executive of Manila North Tollways Corp.

Former Supreme Court Chief Justice Artemio Panganiban and Vicente Panlilio will continue to sit as independent directors of the board.

GSIS sold its stake to San Miguel in October last year after criticizing the management of Meralco.

San Miguel, meanwhile, reiterated its compliance with the disclosure requirements of the exchange pertaining to its option to buy into Petron Corp.

Ferdinand Constantino, San Miguel corporate information officer, wrote the exchange in the latest of a string of letters, providing further information on the terms and conditions for payment of the exercise price under the option agreement executed between the company and SEA Refinery Holdings BV.