Sy Jr. steps down from NGCP

MANILA, Philippines — Businessman Henry Sy Jr. has stepped down as president and CEO of National Grid Corp. of the Philippines (NGCP) to focus on his real estate business.

In a statement yesterday, the NGCP board announced it approved the request of its president and CEO to avail of an early retirement to focus on his real estate business.

“The board approved Mr. Sy’s application for an early retirement effective immediately and designated chief administrative officer Anthony Almeda as officer-in-charge,” it said.

Sy served as the company’s president and CEO for seven years – from its inception to its current status as operator of the country’s power grid.

He is currently vice chairman of SM Investments Corp., the listed holding unit of the Sy family, and chairman of SM Prime Holdings Inc., one of the biggest integrated property developers in the country and one of the largest in Southeast Asia based on market capitalization.

Based on SM Prime’s website, Sy is “responsible for the real estate acquisitions and development activities of the SM Group which include the identification, evaluation and negotiation for potential sites as well as the input of design ideas.”

SM Prime operates 67 malls nationwide and seven malls in China.

Meanwhile, Sy Jr., son of retail and baking tycoon Henry Sy Sr., recently ventured into the cement business with Big Boss Cement Inc.