Philippine Seven Corp., the local franchise holder of the global convenience store chain 7-Eleven, announced that its chairman, former Finance Secretary Jose T. Pardo, has informed the Board of his decision to retire as Chairman of the Board and Independent Director in July.
Pardo, who is 84 years old, will conclude his term on July 17, coinciding with the company’s annual stockholders’ meeting.
Although stepping down from his leadership role, Pardo will remain involved with the company as Chairman Emeritus.
In addition to his work with Philippine Seven, Pardo serves on the boards of the Philippine Stock Exchange and several publicly listed companies, including JG Summit and Del Monte Philippines. He is also Chairman of the Employers Confederation of the Philippines and a former Secretary of the Department of Trade and Industry.
As Pardo transitions out of his role, Jose Victor P. Paterno, the current President and CEO of Philippine Seven, will assume the role of Chairman of the Board starting July 1. He will also take on the additional responsibility of Chairing the Executive Committee.
Ying-Jung Lee, the company’s Chief Operating Officer, will be appointed as a director and will also take on the role of President, effective July 17.
