MANILA - (UPDATE) SM Investments Corp said Wednesday billionaire Henry Sy was appointed as its chairman emeritus, as his retail, real estate and banking empire underwent a leadership change.
Chief Finance Officer Jose Sio will replace Sy as chairman. Frederic DyBuncio was named president replacing Harley Sy.
Henry Sy is country's richest man with a net worth of $12.7 billion according to Forbes Magazine. he is also chairman emeritus of of BDO Unibank and SM Prime Holdings and honorary chairman of China Banking Corp.
The 91-year-old Sy pioneered mall culture in the Philippines, starting with a small shoe store in downtown Manila.
He has since ventured into banking, owning the country's largest lender, BDO Unibank, and condominiums, riding on the real estate boom.