Ramon Ang Officially Named CEO of San Miguel Corp.
Ramon Ang now adds “chief executive officer” to his list of titles with one of the country’s biggest conglomerates. The tycoon, who has long held the position of vice chairman, president and chief operating officer of San Miguel Corp (SMC), was also officially named CEO after a meeting of the company’s board of directors earlier this week.
Ang replaces SMC’s chairman and CEO Eduardo “Danding” Cojuangco, who died in June 2020.
"The role, functions, and duties of the President and Chief Executive Officer is 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 President," the disclosure, dated April 15, 2021, read.
“All references to the Chairman and Chief Executive Officer will be changed to the ‘Chairman of the Board,’ while all references to the President and Chief Operating Officer will be changed to the ‘President and Chief Executive Officer,’” it added.
The disclosure also included one other amendment: "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."
It was not immediately clear if Ang will take on the role of chairman of the company as well.
The announcement was an amendment of the by-laws of SMC, which amends the “roles and duties of the Chairman and Chief Executive Officer, and the President and Chief Operating Officer.”
A source within SMC told Esquire Philippines that the disclosure was merely a “compliance” after the post of chairman and CEO was left vacant with the passing of Cojuangco last year.
Ang has been the driving force behind SMC and its numerous subsidiaries for years. Besides food, beverages and packaging, SMC has interests in fuel and oil, energy, infrastructure, and real estate.