Posted on October 19, 2012 07:16:26 PM
[ BusinessWorld Online ]
REAL ESTATE developer Filinvest Land,
Inc. has appointed company Co-Vice Chairman Lourdes Josephine Gotianun Yap as
the firm’s new president and chief executive officer effective end-October, in
line with the company’s thrust to let younger executives handle operations.
"The board of directors of Filinvest Land, in its meeting today,
elected Mrs. Lourdes Josephine G. Yap as the new president and chief executive
officer of Filinvest Land effective October 31," read a disclosure by
Filinvest Land to the Philippine Stock Exchange (PSE) on Friday.
"This change is in line with
corporate policy of turning over operating responsibilities from executives
over 60 years old to younger executives," Filinvest Land noted.
Ms. Yap, 56, will be succeeding her
husband Joseph M. Yap, 62, Filinvest Land president and chief executive
officer, who was present and chief executive since 2007.
Ms. Yap has been a Filinvest Land
director since 1990 and chairman of Filinvest Land’s executive committee since
2010, according to the company’s 2011 annual report. She earned a Master’s
Degree in Business Administration from the University of Chicago in 1977.
She is also president and chief
executive officer of Filinvest Development Corp., the holding firm of the
Gotianun businesses, which also includes banking, sugar milling and refinery,
hotels and utilities. She is the daughter of Andrew L. Gotianun, Sr., founder
of the Filinvest group of companies.
Mr. Yap shall will remain as president
of Filinvest Land subsidiaries, such as business process outsourcing (BPO)
developer Cybrzerzone Propertie, Inc., and PBCom Tower part-owner Filinvest
Asia Corp., until a successor is elected to replace him, the disclosure further
read.
Filinvest Land was incorporated in
1989 to engage in real estate development, with business segments divided into
real estate and leasing segments, according to information posted on the PSE Web
site.
As of end-2011, the company held a
2,288-hectare land bank, 84% of which was located in areas of Mega Manila,
including the CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon) area and
Bulacan province.
For the year, Filinvest Land said it
will launch 12,100 units among 14 new projects, with nearly 40% of which to
come from the socialized sector, versus 6,500 units from 11 new projects
launched last year.
Filinvest Land shares dropped by 1.45%
or two centavos to P1.36 on Friday. -- Franz Jonathan G. de la Fuente
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