MANILA - Henry Sy Jr. has stepped down as president and chief executive officer of the National Grid Corporation of the Philippines (NGCP).
The NGCP on Wednesday said its board approved Sy's application for early retirement so he could focus more on his real estate business.
Chief Administrative Officer Anthony Almeda has been named as the new officer-in-charge.
Sy headed the operator of the country's power grid for 7 years following his election to the post in 2010.
The namesake son of one of the country's richest men, mall magnate Henry Sy, the younger Sy last month launched a cement business that he says will help preserve the environment.
His retirement comes after the NGCP last month offered some of its facilities to the government for the development of a national broadband network.