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Josephine Gotianun Yap is new Filinvest Land chief

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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