Vantage Equities Inc., the publicly-listed investment holding firm controlled by the group of former Philippine Stock Exchange chairman Wilson Sy, will not just be transforming into a "new economy" player but will likewise undergo a management facelift that takes on a new twist in an ongoing corporate battle.
According to informed sourced, stockbroker Willy Ocier will be installed as interim chief executive officer of iVantage Corp., the new name of the restructured company. This move will pit him against former Trade Minister Roberto Ongpin, who is now at the helm of PhilWeb.com -- another Internet-based company which evolved from mining and oil firm South Seas Resources early this year.
Ocier's group masterminded the ouster of Ongpin's camp from jai-alai franchisee Belle Corp. during the company's stockholders' meeting middle of last year. Widely credited as the moving force behind the rise of Belle from a property company to a gaming concern. Ongpin has shifted to information technology (IT) and formed PhilWeb. considered as one of the hottest stocks in the market today.
Aside from the Belle case, Ongpin's group was dragged in another controversy when key people from Philcom, a telecom firm which forms part of the APC Group along with Belle, migrated to PhilWeb, sparking renewed conflict between the two camps.
Not to be outdone, iVantage recruited top-caliber personnel from the IT industry to lead and position the company at the frontline of the "new economy." Among the new faces are former Microsoft Philippines country manager Dave de Leon, who will assume the president and chief operating officer post and local IT stalwarts William Chua and Juan Chua (no relations) who will both sit as board of directors and members of the executive committee.
The same sources said another significant change is the stepping down of Wealth Securities' Wilson Sy both from management and the board to give way to the IT veterans in shaping iVantage from an equities manager to an active IT-focused company.
Holding on to the chairman's seat is Ben Tiu, whose business interests include real estate (Discovery Center, Amorsolo Mansions, Guillarmi Mansions etc.), banking (International Exchange Bank) and manufacturing.
iVantage shareholders are expected to cast their votes for these and other officials in the company's annual stockholders' meeting slated today.