Tycoon Isidro A. Consunji has been elected chairman of Dominion Holdings Inc., succeeding SM Investments Corp. President Frederic C. DyBuncio as the Sy and Consunji families rearrange leadership within their joint investment vehicle.

In a disclosure to the Philippine Stock Exchange, the firm said that DyBuncio resigned from the chairmanship for “board organization reasons.” He will remain a director and the president of the company.

The shift comes amid the tightening of the alliance between two of the Philippines' wealthiest clans as they pivot Dominion’s focus toward the extractive industries.

Consunji, who heads the DMCI Holdings Inc. conglomerate and Semirara Mining and Power Corp., brings extensive technical expertise to the firm.

He has served as a director of Atlas Consolidated Mining and Development Corp. since 2012, where he is a minority stakeholder alongside SMIC, which holds a 34 percent interest. DyBuncio remains chairman of Atlas Mining.

The reshuffling follows an overhaul on March 17, when Dominion replaced its entire board with representatives from the Sy and Consunji groups. The current board includes SMIC Chairman Henry T. Sy Jr., DyBuncio, Consunji, and DMCI Mining President and CEO Tulsi Das C. Reyes, supported by independent directors Rosmari D. Carandang, Leonardo D. Cuaresma Jr., and Vicky C. Lim Tan.

In additional appointments on Monday, the board named Tephanie M. Gandia as assistant corporate secretary. Gandia, who also serves as corporate information officer, is a lawyer specializing in mergers, acquisitions, and capital markets.

The leadership transition coincides with a strategic shift disclosed in January, when Dominion announced it would prioritize mining investments following its acquisition of Monte Sur Equity Holdings Inc. Monte Sur, linked to the Sy family and led by SM Prime director Jorge T. Mendiola, was acquired from BDO Unibank Inc. for ₱2.54 billion.

BDO sold 1.51 billion shares, or 70 percent of Dominion, to Monte Sur at ₱1.68 per share. While Monte Sur launched a mandatory tender offer for the remaining shares, public participation was minimal as the stock price climbed on speculation that the Tampakan copper and gold project would be folded into the company.

Tampakan, located in Mindanao, is considered the largest undeveloped copper and gold deposit in Southeast Asia. The Sy family holds a controlling interest in the project, while the Alcantara and Consunji families maintain minority stakes.

The consolidation of mining veterans on Dominion’s board suggests the vehicle may serve as the primary entity for these massive reserves. The move comes as DyBuncio signaled that SMIC is weighing a divestment of its stake in Atlas Mining, potentially further streamlining the group’s natural resource portfolio.