SM Investments revamp top positions, Sio to replace Henry Sy as chair
In an announcement made by SM investments Corporation (SMIC), SMIC long-time Chief Financial Officer Jose Sio will replace founder Henry Sy Sr. to lead the conglomerate that the latter held post.
Sio, a trusted lieutenant of the Sy family’s patriarch, is set to take over the chairmanship, while Sy Sr. will hold the new position of chairman emeritus.
On the other hand, the company also named Frederic DyBuncio as president, replacing Harley Sy in the position. Harley Sy will remain as the SMIC Board Executive Director, as well as Sy’s eldest namely Teresita Sy-Coson and Henry Sy Jr., will remain as vice-chairs.
In a report by Business World, at the press briefing after SMIC’a annual stockholders meeting, Sio “announced plans to expand beyond its core of business of property, banking, and retail.” Sio also plans to increase the group’s presence in infrastructure and energy as well. “Infrastructure and energy are the industries that can complement our three core businesses,” added Sio. DyBuncio, mentioned that SMIC still plans to keep property retail, and banking as their core businesses.
This management revamp leaves SMIC Senior Management without a member of the Sy family. Regarding this, Sio said that “it is an indication that the family would like to professionalize the management of the SM Group in preparation for the future.”
Source: SM Investments, Business World
Images grabbed from Belle Corporation
