EEI Corp., the listed construction arm of the Yuchengo Group, said Thursday it will have a new president and chief executive officer in May—Henry Antonio, currently the 92-year-old company’s chief operating officer.
Antonio, who was appointed COO in 2021, will take over next month from Roberto Jose Castillo, current president and CEO, who retires after spending 17 years with EEI.
“EEI as a leader in the construction industry will continue to grow with the persistent participation and contribution of all its stakeholders; its clients, vendors, and employees included. The inclusive growth of EEI will benefit the communities it serves and ultimately, its own people and their families. We will grow bigger and when we do, we will bring all our stakeholders with us,” said Antonio in a statement.
It is unclear whether EEI will appoint a new COO, or if Antonio will hold the position concurrently with his new designation.
Antonio will assume the bigger role in EEI at a time the construction company is actively bidding for major projects, particularly those by government, and has a healthy projects backlog.
At the end of 2022, EEI’s unworked portion of existing contracts stood at almost P58 billion, which includes the P26.4 billion backlog of Al Rushaid Construction Co. Ltd., the Philippine-listed company’s joint venture in the Kingdom of Saudi Arabia.
Antonio said structural reforms, including the Public Services Act and the executive order to adopt the Philippine Development plan, should promote foreign direct investments in the country and bolster growth in manufacturing, renewable energy and logistics.
He said that EEI prospects remain positive despite potential headwinds in the property sector and delays in the implementation of government infrastructure projects. The company is also pursuing opportunities overseas to sustain growth, he added.
