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Raymond Racaza Steps Down as Xurpas CEO After Just Six Months

The company suffered losses in revenues and net income in 2018.
IMAGE Photo courtesy of GreenBulb Public Relations
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Raymond Racaza is stepping down as chief executive officer of listed technology firm Xurpas Inc. effective today.

This comes only six months after he was appointed to the position in July 2018, replacing chairman and founder Nico Jose "Nix" Nolledo. Nolledo has been focusing on his job as CEO of ODX Pte. Ltd., a wholly owned subsidiary of Xurpas based in Singapore involved in blockchain technology.

“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,” Nolledo said in a statement.

The company did not provide the reason behind Racaza’s resignation, but said that Racaza will still be a principal shareholder of the company by retaining his 20-percent ownership stake.

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IMAGE: Courtesy of Xeleb Games

In the meantime, Xurpas Chief Finance Officer Alexander Corpuz will temporarily take over as company CEO and will closely work with Nolledo and the rest of the management team during the transition period.

“A new CEO will be announced in due course,” the company said in a statement.

Xurpas has been suffering losses for quite some time. It recorded a 48-percent decrease in revenues in the first nine months of 2018, the latest available year for financial reports provided by the company. It also suffered a 236-percent drop in profits, recording a net loss of P190 million in the same period.

Established in 2001, the Xurpas group now has 12 subsidiaries under its name. It has business interests in the creation of mobile applications, provision of software solutions to enterprises, digital advertising, and most recently, blockchain technology.

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Pauline Macaraeg
Esquire Philippines
Pauline is Esquire Philippines’ data journalist. Follow her on Twitter @paulinemacaraeg.
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