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Business

Ang’s eldest takes on bigger role in SMC

Richmond Mercurio - The Philippine Star
Ang�s eldest takes on bigger role in SMC
Ramon Ang and John Paul Ang
STAR / File

The son also rises

MANILA, Philippines — John Paul Ang, the eldest son of tycoon Ramon Ang, is set to take on a bigger role in diversified conglomerate San Miguel Corp. (SMC), which his father currently leads.

SMC’s board yesterday approved the amendment to the company’s amended by-laws, which will delineate the roles and duties of the chairman and chief executive officer as well as the president and chief operating officer.

As part of the amendment, the 44-year-old John Paul has been appointed as vice chairman, president and chief operating officer of SMC while his father, known as RSA, will serve as chairman and will remain as chief executive officer.

RSA has served as the vice chairman of SMC since 1999 and its president and chief operating officer since 2002.

In December 2021, SMC’s board confirmed the change in designation of RSA to president and chief executive officer from president and COO.

John Paul, meanwhile, was elected as a director of SMC in 2021.

He has been the president and CEO of Eagle Cement Corp. since 2016 and holds directorships in other listed companies under the conglomerate such as Petron Corp., San Miguel Food and Beverage Inc. and Top Frontier Investment Holdings Inc.

He graduated with a Bachelor of Arts degree, majoring in Interdisciplinary Studies at the Ateneo de Manila University.

SMC said the revision of the roles, functions and duties of the chairman and CEO as well as the president and COO would be effective upon the approval by the Securities and Exchange Commission of its application for the amendment of the company’s amended by-laws.

The amendment of SMC’s by-laws will also be subject to the approval of the company’s stockholders during a special meeting slated on August 8,2024.

Under the proposed amendments, the roles, functions and duties of the chairman of the board were merged with the position of the chairman and CEO, while those of the president and CEO will be delineated in the position of president and chief operating officer.

In addition, all references to the chairman of the board will be changed to chairman and CEO while all references to the president and CEO will be changed to president and chief operating officer.

Double-digit growth for 2024

SMC expects to sustain a double-digit growth in its topline and operating income this year as it pursues development of nation building projects.

“As you can see in the first quarter results of San Miguel group, we are growing double digit on revenue and operating income. So we will stick to that target of continuing to grow at least double digit for year 2024,” Ang said during the company’s annual stockholders’ meeting yesterday.

Ang said the past year has been remarkable for SMC, delivering a strong full year results and achieving a record profit.

“This was supported by a stable economy and initiatives that continue to bear fruits,” he said.

According to Ang, SMC would continue to embark on key developments that will not only shape the future of the company but also hold the potential to significantly impact the future of the country.

“Throughout San Miguel today, there is a greater push towards sustainability. We are also addressing key social issues such as poverty, energy and food security, and the infrastructure gap, among others, to lead Filipinos and drive sustainable economic growth,” he said.

Ang said SMC’s mega poultry farms nationwide embody the group’s approach to stay sustainable food production.

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SAN MIGUEL CORP.

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