Henry Sy steps down as chairman of SMIC

  • Page Views 408
  • SM Investments Corp. on Wednesday announced key organizational changes to support the conglomerate’s next phase of growth, as retail tycoon Henry Sy Sr. steps down as chairman of the board.

    SMIC said in a statement its board conferred upon Henry Sy Sr. the role of chairman emeritus, in recognition of his role as the founder of SMIC and all its core businesses.

    The board then approved the appointment of Jose Sio as the new chairman of the board and Frederic DyBuncio as president.

    DyBuncio will replace Harley Sy who will remain as executive director of the board.

    “These changes affirm the continuing role of professionals in executing the larger vision of SM while further strengthening the group’s good governance and sustainability practices,” SMIC said.

    DyBuncio said in a news briefing following the company’s annual stockholders the conglomerate would continue to focus on core businesses of banking, property and retail.

    He said the group would also continue to look for investment opportunities that could complement existing businesses.

    Sio said the new appointments in the conglomerate signified the Sy family’s plan to professionalize the management in preparation for the future.

    “We are preparing the third generation of the Sy family. As you know the third generation are immersed within the SM group and we are preparing them to take their leadership position in the near future,” Sio said.

    Sio has been SMIC’s chief finance officer for 26 years and was instrumental in supporting the phenomenal growth of the conglomerate and its subsidiaries.

    He instilled strict financial discipline across all businesses that later helped the company achieve optimal results even as the whole group maintained a sound and stable financial position.

    DyBuncio joined SM Investments in 2011 as senior vice president and eventually as executive vice president handling the company’s portfolio investments. This portfolio has since grown to include Belle Corp., Atlas Mining, the Net Buildings, CityMalls, MyTown and most recently 2Go.

    DyBuncio brings with him a wealth of experience in banking where he spent over 20 years with JP Morgan Chase and its predecessor companies.

    Meanwhile, the SMIC board also approved the election of former University of the Philippines president Alfredo Pascual as independent director replacing Ah Doo Lim who joined the board in 2008 and served the full term as an independent director.

    SM Investments said net income rose eight percent in 2016 to P31.2 billion, as revenues climbed 9 percent to P362.8 billion. (j.B. Austria, MT)

    Share

    New Posts Recently publish post More

    • 23 April 2018
      13 hours ago No comment

      Academic releases new book Bayanihan and Belonging: Filipinos and Religion in Canada

      Professor Alison Marshall of the Brandon University in Manitoba has a new book. The book titled Bayanihan and Belonging: Filipinos and Religion in Canada “seeks to understand the link between Filipino migrant settlement experiences in rural and urban Canada, and religion,” according to an abstract The book was published ...

    • 23 April 2018
      19 hours ago No comment

      Dennis and Jennyln

      Dennis Trillo taped some advanced episodes of “The One That Got Away” before he left for his GMA Pinoy TV shows. “We’re happy that the show is gaining more regular viewers,” he says. “The story is also getting to be more and more intriguing with the introduction of more ...

    • 23 April 2018
      21 hours ago No comment

      Megan and Mikael

      Megan Young’s relationship with Mikael Daez has been going strong for seven years now. What’s their secret? “I think it’s because we always keep our communication lines open,” she says. “When he does something na hindi ko nagustuhan, I’m not afraid to approach him and tell him about it. ...

    • 23 April 2018
      23 hours ago No comment

      Carlo and Angelica

      Carlo Aquino shared the progress of his upcoming movie with Angelica Panganiban. The actor relayed they just had the pitching with Star Cinema. “Baka mag Direk Dan (Villegas) kami. Kung sakali, ito ‘yung first major [project] ko with Direk Dan kasi ‘yung una ko siyang nakatrabaho is with Gerald ...

    • 23 April 2018
      1 day ago No comment

      Gerald defends Bea from bashers

      When news broke out that Bea Alonzo had unfollowed Gerald Anderson and his “My Perfect You” co-star Pia Wurtzbach on Instagram, many speculated this was an indication there was trouble in their relationship. But in an interview with the press last week, Gerald was quick to clarify it was ...

    %d bloggers like this: