The Corporation's Board of Directors accepted the resignation of Mr. Roel Z. Castro as the corporation's President and Chief Executive Officer since he will assume as President and Chief Executive Officer of another company which A Brown Company, Inc. (ABCI) has related interest. However, Mr. Castro shall retain his membership in the Board of Directors of ABCI. Mr. Castro's resignation from his executive position in the Corporation shall take effect on 30 November 2018.

The chairman of the corporation's Board of Directors, Mr. Robertino E. Pizzaro, shall assume the functions of the Corporation's President & CEO, on an interim basis, until such time that the new President & CEO shall have been selected and appointed.