Two shareholder groups composed of rival siblings have been elected into separate boards of directors of Vallacar Transit, the country’s biggest bus company.
The group called the Yanson four said in a statement that the firm has elected its Board of Directors and officers for 2020 to 2021 during its annual stockholders’ meeting last December 5 at SEDA Capitol Central Hotel in Bacolod City.
The meeting presided by Carlo Joaquin T. Narvasa as proxy for Ma. Lourdes Celina Y. Lopez, Vallacar’s President and Chairman and was attended by stockholders representing 61.17 percent of the outstanding capital stock of the corporation.
Roy V. Yanson, Emily V. Yanson, Ma. Lourdes Celina Y. Lopez, and Ricardo V. Yanson, Jr. were elected by the shareholders anew as members of the board of directors of the corporation for the year 2020-2021.
In the organizational meeting that followed, the directors elected Ma. Lourdes Celina Y. Lopez as President, Roy V. Yanson as Vice-President for Operations, Emily V. Yanson as Treasurer and Chief Financial Officer, Ricardo V. Yanson, Jr. as Corporate Secretary, Anna Isabella C. Galvez as Assistant Corporate Secretary, and Carlo Joaquin T. Narvasa as Vice-President for Legal.
On the other hand, another group led by two Yanson siblings held a separate Vallacar annual stockholders meeting at its principal office in Barangay Mansilingan, Bacolod City also last December 5.
Olivia V. Yanson, Leo Rey V. Yanson, Ginnette Y. Dumancas, Charles M. Dumancas, Anita G. Chua, Arvin John V. Villaruel and Daniel Nicolas Golez were re-elected as members of this Board of Directors during the meeting.
Following the election, an organizational meeting was held where Leo Rey Yanson was reappointed as Chairman of the board and President of VTI, while Olivia V. Yanson, the co-founder of the company and family Matriarch, was re-appointed as Corporate Secretary and treasurer.
The group said that, despite the proper and timely notice, stockholders Roy V. Yanson, Ma. Lourdes Celina Yanson-Lopez, Ricardo V. Yanson Jr., Juan Manuel Lopez and Ma. Susan F. Yanson did not attend the meeting.
The group said that, despite all the turbulence experienced by the management in the past two years, the company remains strong and resilient as it continues to be steadfast in its goal to serve the Filipino commuters.
“The newly appointed board is excited to see how they can continue to push boundaries to provide quality transportation to every Filipino despite the challenges of the pandemic,” the group said.