Pepsi Philippines has new chairman, CEO

MANILA, Philippines - Pepsi-Cola Products Philippines Inc. (PCPPI) yesterday announced two new appointments to top positions in the company in a move seen to inject fresh dynamism to the management team and make it more responsive to new challenges in the economic climate both here and abroad.

Oscar Reyes, who graduated cum laude in Economics at the Ateneo de Manila University and attended the Harvard Business School’s management program in the United States of America, takes over as the new chairman of the board.

On the other hand, No Yeon-Suk, a 20-year veteran in the South Korea-based Lotte Group and erstwhile PCPPI executive vice president and chief strategy officer, was named chief executive officer (CEO).

Reyes and No filled up the positions vacated by the retirement of former PCPPI chairman and CEO Hwang Chung.

Reyes, who is also incumbent senior executive vice president and chief operating officer of Manila Electric Co. (Meralco), is no stranger to the Pepsi family, having been an independent director of PCPPI since 2007. 

Reyes has shown the full range of his managerial acumen as chairman and president of Pilipinas Shell Corp. for several years. He also holds chairmanship and other key positions in a number of large companies in various sectors, notably telecommunications, banking, insurance, and water distribution.

In October 2010, Lotte acquired 34 percent shares in PCPPI, making it the single largest shareholder and gaining management control of the company. 

PepsiCo International is the second major shareholder with 30 percent.

Lotte Chilsung Beverage Co., an industry leader in South Korea, has also been the distributor of PepsiCo’s products in that country for more than 30 years now.

PCPPI operates 11 bottling plants across the country and has been listed in the Philippine Stock Exchange. It manufactures and sells world-known brands as Pepsi-Cola, Mountain Dew, Seven Up, Mirinda, Mug Root Beer, Gatorade, Propel, Lipton Ice Tea, Tropicana, Premier bottled water and Milkis milk.