LISTED conglomerate JG Summit Holdings, Inc. announced on Wednesday that Lisa Gokongwei-Cheng will step down from her role as chief digital officer.
Ms. Gokongwei-Cheng will vacate the role on Jan. 1 next year and will be replaced by Ma. Cristina Bellafor P. Alvarez, JG Summit said in a regulatory filing.
The conglomerate said that Ms. Alvarez will also serve as its chief information officer.
Ms. Gokongwei-Cheng, the sister of JG Summit President and Chief Executive Officer Lance Y. Gokongwei, founded Summit Media in June 1995.
Some of Summit Media’s brands include Esquire Philippines, Cosmopolitan, and Preview.
Ms. Gokongwei-Cheng is also the general manager of the Gokongwei Brothers Foundation.
For the first nine months, JG Summit saw a 16% increase in net income to P17.9 billion, while core profit improved by 39% to P20.3 billion.
The conglomerate’s top line went up by 10% to P277 billion, led by healthy travel and leisure demand, higher preference for value food and beverage products, and increased utilization rates in the group’s petrochemical plants.
On Wednesday, JG Summit shares rose by 0.45% or 10 centavos to P22.20 apiece. — Revin Mikhael D. Ochave
