Metro Manila (CNN Philippines, April 17) — Business tycoon Ramon S. Ang has officially taken the reign of San Miguel Corporation as the new chief executive officer.
This, as the conglomerate’s board of directors green-lighted the amendment of the group’s by-laws, involving the roles and responsibilities of its top positions.
In a filing to the local bourse, SMC said: “The role, functions, and duties of the Chairman of the Board are separated from the President and Chief Executive Officer such that the scope of the role and duties of the Chairman are focused on the non-executive functions.”
“The role, functions, and duties of the President and Chief Executive Officer are unified in the position of the President. This change is in accordance with the recommended best practices in corporate governance on the separate functions of the Chairman and the President,” it added.
The decision formally transferred the CEO title to the SMC President Ramon Ang, a year after the death of the conglomerate’s “the Boss” Eduardo Cojuangco Jr.
Since 1998, Cojuangco kept the CEO and chairman positions of SMC, one of the country’s largest and most diversified and profitable conglomerates.
Ang, meanwhile, has been enjoying his stint as the president and chief operating officer of SMC for almost a decade now.
