Nix Nolledo leaves Xurpas just 5 months after infusing P100M into IT flop

Nix Nolledo leaves Xurpas just 5 months after infusing P100M into IT flop

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.

IT flop Xurpas gains 8% after co-founder Nix Nolledo pegs P100M infusion at 55 centavos

In a statement, Xurpas said Nolledo has “voluntarily” stepped down effective June 6 but he would remain as advisor to the board.

P1.8B down the drain: Xurpas board suspends operations of Art of Click flop it bought from its white knight Wavemaker 5 years ago

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.

Nganga! Wavemaker abandons takeover of IT flop Xurpas

“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.


Leave a Comment

three × 5 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.