Conglomerate Filinvest Dev’t Corp. shakes up management board

MANILA, Philippines — Filinvest Development Corp. pencilled in key changes to its leadership board, with tycoon Josephine Gotianun Yap taking a backseat at the helm.

In a series of disclosures sent to the Philippine Stock Exchange on Wednesday, the conglomerate reported that Yap will be moved to a new plum position as the vice chairperson of FDC’s board of directors. Before resigning from her current post, she led the company as president and CEO.

Rhoda “Chiqui” Huang will replace Yap as president and CEO. Her appointment, as FDC sees it, will bring “invaluable expertise” as an investment banker and record with mergers and acquisitions to the company’s executive team. 

Huang has more than 30 years of experience working in Philippine companies, and financial and government institutions. She was president of BPI Capital Corp. and branch head of investment banking for Credit Suisse Philippines. She also worked for 19 years under JPMorgan Chase, as FDC noted she was responsible for “expanding the bank’s major corporate relationships.”

“Succession planning has been identified as a primary strategy to ensure business continuity and the orderly futureproofing of the organization,” said Yap. 

“As we thrive in this post-pandemic revitalization phase, we look forward to Chiqui harnessing the depth of her investment banking experience which has exposed her to industries where the Filinvest group also operates,” she added.

As it is, Yap took on the helm of the Gotianun family business in the heels of of the Asian Financial Crisis. FDC indicated that under her leadership, picking up from recovering from the crisis, the conglomerate managed to grow its bottom line, reporting a P52 million net income in 2002 to P12 billion in 2019. 

The roster shake-up will take effect on August 1, as the move came in the wake of various changes within the Filinvest group. 

Alongside the disclosure, the conglomerate also appointed Brian T. Lim as chief finance officer. The move takes effect on July 31.

Shares in FDC currently trade flat at P5 apiece as of 10:39 Wednesday morning. — Ramon Royandoyan