Nico Jose “Nix” Nolledo has resigned as Xurpas chairman after amassing P3.6 billion in losses from 2018 to the first quarter of 2022. Nolledo, who has been Xurpas chairman since 2001, quit his post just five months after investing P100 million into the information technology (IT) bust.
With his departure, only Xurpas treasurer Fernando Jude “Andy” Garcia has remained among the company’s three founders. The other co-founder, Raymond Racaza, resigned as president and CEO in 2019.
In a statement, Xurpas said Nolledo has “voluntarily” stepped down effective June 6 but he would remain as advisor to the board.
Nolledo will be replaced as chairman by Joey Gurango who has been director of Xurpas since 2014.
“The challenges and opportunities facing Xurpas are very different today than even just a few years ago,” said Nolledo.
“We are very excited that Joey is coming on board to steer the company through this next, exciting phase. Xurpas is increasingly a B2B company, and Joey is the perfect candidate to take things forward. I am happy to step down, knowing that the company will be in good hands,” he added.