JG Summit reorganizes top management team

MANILA, Philippines (Corrected 1:48 p.m., October 29) — Gokongwei-owned JG Summit Holdings Inc., the listed conglomerate founded by the late taipan John Gokongwei Jr., appointed new officers last week as part of a major reorganization as it navigates through the challenges brought about by the COVID-19 pandemic.

Gokongwei daughter Lisa Gokongwei-Cheng, who is currently the head for digital transformation, has been appointed as senior vice president for digital transformation and corporate services of the company.

Other appointed officers include Michael Liwanag, who is currently senior vice president and chief of staff of the company and now has additional responsibilities such as investor relations; Nicasio Lim, currently senior vice president of the corporate services group, who has been appointed senior vice president for corporate human resources; Aldrich Javellana who has been appointed senior vice president and treasurer of the company; Francisco del Mundo who has been appointed as senior vice president and Ian Pajantoy, appointed as data protection officer of the company.

The following officers are still part of the company: Alan Surposa as senior vice President and Chief Procurement Officer; Carlos G. Santos, Vice President for Corporate Services and Chief Information Officer and Emmanuel de Pano, Vice President for Corporate Internal Audit.

JG Summit incurred a net loss of P720 million in the first half, a hard landing from a net income of P17.4 billion a year ago.

In the second quarter alone, the company incurred a net loss of P2.6 billion from P10.9 billion posted a year ago.

Consolidated revenue declined by 26 percent to P116.5 billion from P158.4 billion posted a year ago, while second quarter revenue declined to P48.6 billion from P83.2 billion a year ago.

Businesses of the conglomerate include budget airline operator Cebu Air Inc., property developer Robinsons Land Corp., banking arm Robinsons Bank, food group Universal Robina Corp., and the petrochemicals unit JG Summit Petrochemicals Group.

(Editor's note: This article has been corrected to reflect a corrected disclosure by JG Summit Holdings Inc.,)