RRHI gears up for greater heights; Gokongwei-Pe passes torch to Co

MANILA, Philippines — Robinsons Retail Holdings Inc. (RRHI) is gearing up for greater heights as it undertakes organizational changes, with president and CEO Robina Gokongwei-Pe passing the torch to Stanley Co, a seasoned company executive.

Gokongwei-Pe, who was first appointed president and COO in 1997 and who has been president and CEO of RRHI since 2018, will transition to the role of chairman effective Jan. 1, 2025.

She will replace her brother, Lance Gokongwei, who will step down as chairman and member of the board to assume the role of board adviser.

Gokongwei-Pe will likewise be the chairman of the remuneration, nomination and succession planning committee.

With a lighter load, Gokongwei-Pe said she would use the newfound time “to be on the lookout for more opportunities.”

“I am 63 already. While lots to give pa, di ko kaya ginawa ni Daddy John na nag-retire as CEO of Robinsons Retail at 90,” the eldest daughter of tycoon John Gokongwei Jr. told The STAR.

“On a serious note, mas may oras na ako makialam so I can steer Robinsons Retail to greater heights. At pasarapin lalo ang fried chicken sa Uncle John’s at ang liempo sa Shopwise,” she said.

As the retail arm of the Gokongwei Group, RRHI operates a total of 2,399 stores consisting of 756 food segment stores, 1,072 drugstores, 50 department stores, 224 DIY stores and 297 specialty stores as of end-March.

Taking on Gokongwei-Pe’s role as RRHI’s president and CEO starting next year is Co, who has been with the company for more than two decades.

“With Stanley at the helm, drawing on his years of extensive experience and service to the company, I am confident that Robinsons Retail will continue to deliver long-term value for our customers, partners and the communities we serve. I would also like to thank Lance for his sterling example as chairman and I hope to fulfill his role as well as he has,” Gokongwei-Pe said.

For Co, leading RRHI into a new dynamic chapter is a tremendous honor and responsibility.

“I hope to continue building on our strong foundation as a trusted partner of choice as we unlock a future brimming with exciting possibilities and joyful shopping experiences,” Co said.

Co joined RRHI’s DIY segment as division merchandise manager in 2003 and was appointed as its group general manager in 2008.

He became managing director of the food segment in 2020 and chief operating officer of RRHI in August last year.

Co earned a bachelor’s degree in commerce from the University of Santo Tomas in 1998 and an MBA from De La Salle University in 2003.

Gokongwei, who serves as the president and CEO of JG Summit Holdings and chairman of Cebu Pacific and Universal Robina Corp., said Co embodies the qualities of a good leader and his vision for RRHI aligns perfectly with the company’s long-term goals.

“A commitment to continuous improvement and a dynamism to embrace change are key attributes of a good leader,” Gokongwei said.

“We, the board of directors, have no doubt that Stanley will usher in sustained growth and innovation for the company. We thank Robina for her years of service as president and CEO and look forward to her continued guidance as chairman,” Gokongwei said.

James Go will remain as RRHI vice chairman, while Co will join the company’s board to complete the nine-seat body.

RRHI said Curtis Liu, meanwhile, will be a director of the company and be a member of the audit and risk oversight committee effective Sept. 1.

He will take the seat to be vacated by Choo Peng Chee who has resigned as a director and member of the said committee.

In a separate development, RRHI’s board has approved to again further extend the share buyback program of the company for the additional amount of P1 billion.

To recall, its board approved in March 2020 the creation and implementation of a share buyback program involving up to P2 billion worth of the company’s common shares.

RRHI’s board thereafter agreed to extend the share buyback program, resulting in the company buying back 132.81 million common shares amounting to P6.91 billion from March 2020 up to July 2024.

RRHI said its share buyback program is aimed at enhancing shareholder value and manifest confidence in the company’s value and prospects through the repurchase of the common shares of the company and through the return of a portion of the firm’s capital to its shareholders.