FILINVEST DEVELOPMENT Corp. (FDC) said on Wednesday that Lourdes Josephine Gotianun-Yap has resigned as the company’s president and chief executive officer (CEO) effective Aug 1.
This move is part of the company’s succession planning and future growth strategy, FDC said in a disclosure to the stock exchange.
Following her resignation, Ms. Gotianun-Yap will take on the role of the company’s vice-chairman.
“Succession planning has been identified as a primary strategy to ensure business continuity and the orderly futureproofing of the organization,” Ms. Gotianun-Yap said in a separate statement.
The company likewise said that its board of directors appointed Rhoda A. Huang as its new president and CEO, who is said to have more than 30 years of experience in Philippine corporations, financial, and government institutions.
“As we thrive in this post-pandemic revitalization phase, we look forward to [Ms. Huang] harnessing the depth of her investment banking experience which has exposed her to industries where the Filinvest group also operates,” Ms. Gotianun-Yap added.
She said that the change in leadership will be instrumental in the company’s pursuit of strategic objectives as it advances its position in the market.
Prior to her appointment, she was the president of BPI Capital Corp. and branch head of Investment Banking for Credit Suisse Philippines, according to the company. She also served as a director for the company.
“I am honored to be a part of this esteemed organization and look forward to leveraging my experience to create value for our stakeholders,” Ms. Huang said.
The company’s board also appointed Brian T. Lim as its chief financial officer (CFO). He brings with him 14 years of experience in the financial industry and previously served as the CFO at one of the largest construction companies in the Philippines.
“FDC has established a solid foundation for growth, supported by an extensive asset base, an expansive network, and brand portfolio which is poised to reach its full potential,” Ms. Gotianun-Yap said.
“We believe that with new leaders who embrace our core values, bring fresh perspectives, and build on our established businesses, we can foster a high-energy, growth-oriented company,” she added.
During the first quarter, the company reported a surge in attributable net income, reaching P2.2 billion, compared to P874.2 million the previous year. This growth was driven by the robust performances of all its businesses.
FDC’s consolidated revenues for the quarter also showed significant growth, rising by 34% to P20.7 billion. However, costs and expenses increased by 27% to P17.3 billion.—Adrian H. Halili
