GT Capital Holdings, Inc., the holding company of the family of Dr. George S.K. Ty, announced the appointment of Francisco C. Sebastian as chairman of the company’s Board of Directors as former Chairman Arthur V. Ty takes the back seat as director in a move to further professionalize the conglomerate's operation.
“The change in GT Capital’s chairmanship signals the Group’s initiative and commitment to further professionalize its leadership moving forward. With Mr. Sebastian at the helm, we are confident that GT Capital will continue to prosper and contribute to nation building,” Ty said in a statement.
Sebastian was co-Vice Chairman of GT Capital since May 2016. In addition, he is a member of the holding company’s Executive Committee, and with this new appointment, now assumes its chairmanship.
Serving the GT Capital Group for the past 25 years, he started in 1997 as President of First Metro Investment Corporation (First Metro), Metropolitan Bank & Trust Company’s (Metrobank) investment banking arm, a position he held for 14 years until he became its chairman in 2011.
Sebastian concurrently serves as vice chairman of Metrobank and as a director of Metro Pacific Investments Corporation (MPIC) and Federal Land, Inc. He worked in Hong Kong for 20 years from 1977 until he joined the Metrobank Group in 1997.
Ty will continue to be a director of GT Capital and chairman of Metrobank, while concurrently holding various board positions in other component companies of the group.
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His brother Alfred V. Ty will remain the vice chairman of GT Capital as well as chairman of Toyota Motor Philippines (TMP) and Federal Land.
“Having grown and completed its consolidation phase on its 10th year after the Initial Public Offering (IPO), GT Capital begins a new decade in the good hands of a dedicated, qualified and professional Chairman,” the firm said.