The Philippine Stock Exchange claimed it was purely coincidental that its board of directors accepted the resignation of chief technology officer Emmanuel Caintic on Wednesday, after the local bourse suffered three trading halts over the past two weeks.
PSE chief operating officer Roel Refran said Caintic’s resignation was in no way connected to the trading halt caused by technical issues.
“Mr. Emmanuel Caintic’s resignation came at an inopportune time and we want to clarify that his resignation was in no way related to the events in the past days pertaining to the trading halt. We would have wanted for him to continue to help us even in other capacities, but we also have to respect his decision,” Refran said.
To prove there was no connection between Caintic’s resignation and the technical glitch, Refran said Caintic’s resignation was included in the board’s agenda as early as Aug. 24, or two days before the PSE board meeting which took place on Aug. 26.
The PSE, however, could not blame people from speculating over the timing of the disclosure. The initial PSE disclosure on Caintic’s resignation also did not explain why he was leaving.
It was only the following day (Aug. 27), when PSE issued an amendment to the disclosure, saying that Caintic cited “personal reasons for his resignation, expressing his desire to move on to other ventures.”