Ang has been vice chairman, president and COO under Cojuangco who was chairman and CEO from 1998 up to his passing away in June 2020.
In an April 15 meeting, SMC board approved several amendments to by-laws, specifically to limit its chairman’s role to non-executive functions.
“The role, functions and duties of the president and chief executive officer are unified in the position of the president. This change is in accordance with the recommended best practices in corporate governance on the separate functions of the chairman and president,” said SMC corporate information officer Ferdinand Constantino in a disclosure.
“All references to the chairman and chief executive officer will be changed to the ‘chairman of the board’ while all the references to the president and chief operating officer will be changed to the ‘president and chief executive officer’,” he added.
SMC has yet to name a new chairman to take the vacant seat of Cojuangco.