Philippines-based gaming operator PhilWeb has appointed a new chairman, just as its former chairman takes steps to completely divest his holdings in the company.

This week, PhilWeb announced that Gregorio Ma Araneta III, a PhilWeb director and the company’s second largest shareholder, would succeed outgoing chairman Roberto Ongpin, who formally resigned in August.

Ongpin (pictured) stepped down in a last-ditch effort to rescue his flagging company following the collapse of its Philippine eGames business, which offered online casino games via digital terminals in internet cafes.

PhilWeb’s troubles began June 30, when the country’s newly elected President Rodrigo Duterte declared that “online gambling must stop.” The Philippine Amusement and Gaming Corp (PAGCOR) subsequently announced that it wouldn’t be renewing PhilWeb’s supplier contract.