San Miguel Corp. announced on Tuesday that its board has given the green light to the appointment of John Paul Ang as vice chairman, president, and chief operating officer of the conglomerate and one of the largest and most diversified companies in the country.
The appointment of John Paul Ang, son of Ramon S. Ang, more popularly referred to as RSA, requires amendments to the by-laws of San Miguel and the ratification of shareholders as well as clearance from the Securities and Exchange Commission.
RSA previously held the position of vice chairman, president, and chief executive officer.
As part of the leadership restructuring, San Miguel’s board of directors decided to separate the roles of president and CEO, and merge the CEO responsibilities with those of the chairman. Consequently, RSA has been elected as chairman and CEO.
The position of San Miguel’s chairman had remained vacant until Tuesday, out of respect for the passing of Eduardo Cojuangco Jr. in June 2020.
John Paul’s appointment as president and COO of San Miguel appears to pave the way for his eventual succession to lead the conglomerate, following in the footsteps of his father, RSA.
Proposed changes to San Miguel’s by-laws are slated to be presented for shareholder approval during the annual meeting scheduled for 8 August this year. Moreover, the modifications to the roles of chairman and CEO, as well as that of president and COO, will necessitate approval from the SEC.
San Miguel, with one of the largest market capitalization at P239 billion, has significant interests in power generation, food and beverage, infrastructure development, and oil refining and distribution.
