To prosper in an increasingly competitive global marketplace, many family businesses are realizing that their company will require additional knowledge and experience to grow bigger and are willing to look beyond family members to achieve their goals.
For SM Investments Corp., the listed holding firm of retail tycoon Henry Sy, improved business performance is a priority more than maintaining family control.
SMIC announced several key appointments to its new leadership structure, including conferring upon the Sy patriarch the title of chairman emeritus for having founded and transformed SM or Shoemart into a business behemoth.
Jose T. Sio, who has been SMIC?s chief financial officer for 26 years, has been elected chairman of the board, replacing the SM founder. He was instrumental in leading the stellar growth of the SM Group by instilling strict financial discipline across all businesses.
A new entrant to the board is Frederic DyBuncio, who will assume the role of president and director in place of Harley Sy, who will remain as executive director.
DyBuncio brings with him a wealth of experience in banking where he spent over 20 years with JP Morgan Chase and its predecessor companies. He joined SMIC in 2011 as SVP and eventually as EVP handling the group?s portfolio of investments, which has grown to include Belle Corp., Atlas Mining, NetBuildings, CityMalls, MyTown, and 2Go.
Also joining the board is former University of the Philippines president Alfredo Pascual who will serve as independent director, replacing Ah Doo Lim. He is among the pioneers in investment banking in the Philippines, having held executive positions in State Investment House, First Metro Investment Corp., Philippine Pacific Capital Corp. (now known RCBC Capital), and Bancom Development Corp.
The SM Group has evolved into a dynamic and highly synergistic group of businesses with market leading positions in retail, banking and property development as well as a growing portfolio of other investments that can rapture the high growth opportunities in the emerging Philippine economy,? SMIC said.