The San Miguel Corporation Board of Directors has approved the amendment of the firm’s by-laws to formally transfer the position of Chief Executive Officer from the Chairman to the President.
The move formally makes SMC President Ramon S. Ang the official CEO after holding the title of Chief Operating Officer for many years in deference to the late SMC Chairman Eduardo Cojuangco Jr. who was his close friend.
In a disclosure to the Philippine Stock Exchange, SMC said the amendments provide that, “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 added that, “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 the President.”
Cojuangco held the positions of Chairman of the Board and Chief Executive Officer of SMC since July 7, 1998. He was also the Chairman of the Executive Committee of the Company. Cojuangco passed away in June last year due to a lingering illness.
During SMC’s annual stockholders’ meetings in recent years, Cojuangco had always credited Ang for steering the company towards new frontiers and noting its growth and greater profitability due to these massive diversification efforts. Ang is SMC’s Vice Chairman since January 28, 1999, President and Chief Operating Officer since March 6, 2002 of the Company. He is also a Member of the Executive Committee of the Company.