San Miguel Corporation Officially Names Tycoon Ramon Ang as Its New CEO

Business tycoon Ramon Ang officially takes the reign of San Miguel Corporation (SMC) as the new chief executive officer (CEO).

Ang, who has long held the position of vice chairman, president, and chief operating officer (COO) of SMC, replaces the conglomerate's "the Boss," Eduardo “Danding” Cojuangco, who died in June 2020.

In SMC’s disclosure dated April 15, 2021, the conglomerate specified: “The role, functions, and duties of the President and Chief Executive Officer is unified in the position of the President. ”This, according to SMC, is per the recommended best practices in corporate governance on the separate functions of the Chairman and President.

The disclosure also stated that “All references to the Chairman and Chief Executive Officer will be changed to the ‘Chairman of the Board,’ while all references to the President and Chief Operating Officer will be changed to the ‘President and Chief Executive Officer.’”

In addition to that, SMC said: "The role, functions, and duties of the Chairman of the Board are separated from the President and Chief Executive Officer such that the scope of the role and duties of the Chairman are focused on the non-executive functions."

The company has yet to appoint a new chairman, a position that was previously occupied by Cojuangco as well.

SMC is one of the largest and most diversified conglomerates in the Philippines with interests in food and beverage, packaging, fuel and oil, energy, infrastructure, and real estate

SOURCE:
https://edge.pse.com.ph/