Concepcion Industrial Corp. announced Friday the appointment of Isaias Ariel Fermin, the former president of restaurant group Max’s Group Inc., as chief executive officer of the listed company effective January 1.
CIC, a supplier of air conditioners, air conditioning solutions, and refrigerators, is exploring a potential expansion into other consumer appliance products and building solutions, said Fermin’s appointment will split the position of chairman and CEO now held by Raul Joseph Concepcion.
“The board’s decision to split the roles of CEO and chairman aligns with its thrust to follow best governance practice which will contribute to unbiased strategic decisions and improve board independence,” CIC told the Philippine Stock Exchange.
“It demonstrates the board’s unwavering commitment to strengthen the company’s corporate governance framework and ensure the highest standards of leadership within the organization,” the company added.
Fermin retired as president of Max’s Group on August 31 after leading the listed restaurant group during the height of the COVID-19 pandemic.
He has held senior leadership positions at multinational companies such as Procter & Gamble, Coca-Cola, Unilever, and Nke and local listed companies Max’s, Jollibee Foods and PLDT.
His extensive experience in brand management, product development, retail and sales operations, supply chain management, and general management.
Fermin obtained his degree in Chemical Engineering from the University of the Philippines in Diliman.
