Jollibee Foods Corporation, one of the largest and fastest-growing restaurant companies in the world, has appointed Richard Shin as its new Chief Financial Officer (CFO), effective May 1, replacing Ysmael Baysa.
In a statement, Jollibee said Shin brings nearly three decades of financial and business leadership experience across multiple industries including FMCG (fast moving consumer goods), retail and aquaculture.
Before joining Jollibee Group, Richard Shin worked as the Group CFO and Executive Committee Member of Grobest Group Holdings Limited, a Private Equity portfolio company, based in Taiwan and Hong Kong, China.
Shin also previously held Asia Pacific CFO positions in William Grant & Sons Singapore Pte Ltd, Ralph Lauren Asia Pacific Ltd, Bacardi Martini Asia Pacific Ltd, and leadership positions in Philip Morris International.
“As we continue our accelerated expansion, we are confident that Richard’s global experience and proven track record will help the Jollibee Group achieve its vision of becoming one of the top five restaurant companies in the world,” said Jollibee Group Chief Executive Officer Ernesto Tanmantiong.
Baysa is retiring from JFC on April 30, 2022 after being an integral part of the company and a steady force behind its growth for the last 19 years that he served as CFO.
During his tenure, the market value of JFC increased 15 times from P17 billion (P17.50 per share stock price) when he joined JFC in 2003 to P253 billion (P228.00 per share as of April 19, 2022 with a peak price of P328.00 before the pandemic), making JFC one of the most valued restaurant companies in the world.
JFC grew from a company of 4 brands with 955 stores in 2003 to 18 brands with 5,982 stores as of Q1 2022, with its international business now contributing 42 percent of global systemwide sales coming from only 3 percent in 2003.