Henry Sy steps down as chairman of SMIC

  • Page Views 740
  • 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 October 2018
      12 hours ago No comment

      Union win at arbitration means school districts must address teacher shortages

      The BC Teachers’ Federation has won an important ruling in a provincial grievance filed almost a year ago. It alleged school boards breached the collective agreement by failing to hire enough certified teachers to meet class-size and specialist ratios language that was restored by the Supreme Court of Canada. ...

    • 23 October 2018
      14 hours ago No comment

      Chinatown Businesses Hold Mayoral Debate

      Businesses and residents of Chinatown gathered at the Dr. Sun Yat Sen Garden last October 14 to listen to all the mayoral candidates in Vancouver tackle issues that matter to the Downtown Eastside. Present were Shauna Sylvester and Kennedy Stewart who are running independently, Fred Harding of Vancouver First, ...

    • 21 October 2018
      2 days ago No comment

      Retailers to be allowed to directly import rice

      For the first time ever, the government will allow grains retailers to directly import rice, which could effectively reduce the cost of rice to be sold in the local markets. This was according to Agriculture Secretary Emmanuel Piñol, who dismissed the possibility that more imports could further dampen the ...

    • 21 October 2018
      3 days ago No comment

      TFWs and advocates push for legislation to protect migrant workers

      Victoria, BC – A group of Temporary Foreign Workers (TFWs) and their advocates held a press conference today outside of the BC Legislature in Victoria to urge the Government of British Columbia to enact new legislation to protect TFWs from abuse and exploitation by recruiters and employers in BC. ...

    • 20 October 2018
      3 days ago No comment

      Vote Filipino Canadian candidates in October 20 Municipal elections

      Hector Bremner (Mayor) – YES Hector Bremner is the only candidate with Vancouver City council experience running for Mayor and is Yes Vancouver’s founding mayoral candidate. Councillor Bremner’s life and career have been marked by recognizing good ideas, getting things done, and bringing people together. He feels blessed to ...

    %d bloggers like this: