Basic Energy’s chairman steps down due to health concerns
Basic Energy [BSC 0.16, down 4.9%; 151% avgVol] [link] disclosed that its chairman, Ramon Villavicencio, will step down as chairman and vacate his position as a board member effective March 31 due to personal health concerns. BSC said that Mr. Villavicencio’s role as Chairman will be assumed by its two Vice Chairs, Oscar De Venecia Jr. and Manuel Gonzalez, and that it will “undergo the proper process in deliberating on the replacing individual for the vacancy.” The Villavicencio Family gained control of BSC in May of 2021 through the backdoor listing of MAP 2000 Development Corp., which is the parent company of Filoil Gas and Energy Company.
