Max's Group Inc. (MGI), the Philippines' largest casual dining restaurant group, has announced the resignation of its Chief Finance Officer, Treasurer, and Corporate Information Officer, Roberto Joaquin P. Ramos.
In a disclosure to the Philippine Stock Exchange (PSE), the company stated that Ramos resigned for medical reasons, effective Feb. 18, 2025. MGI has not yet named a replacement.
"During a meeting of the corporation's Board of Directors held on Nov. 21, 2024, the Board unanimously accepted Mr. Ramos' resignation and delegated the search for qualified candidates to the Corporate Governance Committee," MGI said.
Ramos joined MGI in October 2023, following the resignation of Maria Rochelle S. Diaz on Sept. 15, 2023. Diaz stepped down to pursue new professional opportunities.
Ramos has over 30 years of experience in finance, accounting, risk management, and corporate governance. Prior to joining MGI, he served as CFO of media investment firm Group M, Golden Arches Development Corporation, and Philips.
His resignation comes after MGI reported a 41 percent drop in net income to P186 million for the first nine months of 2024, compared to P314 million in the same period last year.
MGI attributed the decline to higher raw material costs, one-time store closure expenses, increased consultancy and professional fees, and higher administrative labor costs.
The company has implemented a strategy to optimize its retail trade areas, closing 31 underperforming stores while focusing on high-potential locations. This compares to 13 store closures in the same period last year.
For the first nine months of 2024, MGI achieved consolidated revenues of P8.82 billion, a 0.8 percent increase from P8.75 billion in the same period last year. System-wide sales dipped to P13.72 billion from P13.81 billion in the first three quarters of 2023, primarily due to the closure of underperforming stores.
In August 2023, MGI President Ariel P. Fermin resigned, and part-owner and Chief Executive Officer Robert F. Trota returned to the role of president. The company stated that it is implementing management changes to realign its focus on customers and stimulate growth.
Max's Group Chairperson Sharon T. Fuentebella said, "Robert has over 20 years of experience in the food and beverage industry, and together with the Board and Management Team, we will ensure the Company's goals are executed consistent with our Vision and Mission."
Fuentebella thanked Fermin for his contributions to MGI, stating, "he led the Company through one of the most challenging periods of our time. Through his leadership, MGI not only beat the odds during the pandemic but refined 1 our existing business model and established new opportunities."