George Ty named chairman emeritus of GT Capital Holdings

MANILA, Philippines — Tycoon George S.K. Ty was named chairman emeritus of GT Capital Holdings Inc. during the company’s annual stockholders’ meeting yesterday.

GT Capital chief financial officer Francisco Suarez Jr. said Ty would remain active in overseeing the business and the continued growth of the conglomerate.

The 85-year-old Ty, who remains healthy, often attends to events abroad, company sources said.

He has been chairman of GT Capital since its inception in July 2007 until July 2012. He then became group chairman of the conglomerate.

His son Arthur remains chairman of the holding firm, a position he has held since May 2016.

Other members of the board are Francisco Sebastian (vice chairman),  Alfred Ty (vice chairman), Carmelo Bautista (president), directors David Go, Renato Valencia, and Mary Ty, and independent directors Jaime Miguel Belmonte, Roderico Puno and Wilfredo Paras.

The diversified conglomerate has a wide range of businesses in its portfolio: Toyota Motor Philippines Corp, Metrobank & Trust Co., AXA Philippines, Metro Pacific Investments Corp., Federal Land Inc. and Property Company of Friends.

During the meeting, Bautista said GT Capital expects to sustain its growth momentum this year given the country’s booming economy.

“While 2017 was a year of impressive achievement on many fronts, we continue to be excited with what the future holds for GT Capital. We will continue looking into possible areas of diversification and enhancement while continuing to strengthen existing businesses,” Bautista said.

Last year, GT Capital reported a 29 percent growth in net income to P15 billion on the strong performance of its automotive, banking and infrastructure businesses.

GT Capital registered P239.8 billion in revenues, up 19 percent from P202.1 billion a year ago.

Strong auto sales from Toyota Motor Philippines Corp. and improved results from the banking and insurance businesses all contributed to the growth.