Xurpas Inc. (PSE: X) announced that it has engaged the services of Primeiro Partners as its financial advisor to provide strategic and financial advisory services for the company.
Xurpas also announced that Raymond Racaza will be stepping down as Director, CEO and President, effective January 30, 2019. He will remain as principal shareholder with a 20% ownership stake in the company. Alexander Corpuz, who has served as Xurpas’ CFO since 2015 will assume the role of Interim President. A new CEO will be announced in due course.
“I would like to thank Raymond for his almost two decades of service to the company: First as a co-founder to Fernando Jude “Andy” Garcia and myself, then as COO, and most recently, as our President and CEO. His dedication and contribution to the firm are immeasurable,” said Nix Nolledo, Chairman of Xurpas. “I will work closely with Mr. Corpuz and the rest of our management team during this period of transition. Primeiro Partners is a leading regional advisory firm, with deep expertise in identifying strategic options for its clients. We are excited to be working with them to chart the next phase in our company’s story.”