ABOITIZ Power Corp. (AboitizPower) said Friday that its current president and chief executive officer (CEO), Emmanuel Rubio, would be stepping down on June 30 this year as he reaches the retirement age of 60.

In a statement, the company said Chief Commercial and Stakeholder Engagement Officer Danel Aboitiz would replace Rubio effective July 1.

The incoming AboitizPower CEO is 42 years old and concurrently holds various directorships within the Aboitiz Group, the company said.

"From 2016 to 2018, Mr. Aboitiz served as President and Chief Operating Officer of AboitizPower's coal and oil business units," it added. "He also handled key positions in AboitizPower's renewable power generation companies from 2010 to 2016, including the SN AboitizPower Group and AP Renewables Inc."

Aboitiz graduated with honors from the University of Edinburgh with an MA Degree in Philosophy and Politics.

AboitizPower said he was set to inherit a company that is "in good shape" and expressed confidence "he will take them to the next level" in the foreseeable future.

AboitizPower shares closed Friday down 1.08 percent at P36.50 each.