Why Henry Sy’s family refused top SM posts

ABS-CBN News

Posted at Apr 27 2017 04:38 PM | Updated as of Apr 27 2017 06:32 PM

Tycoon Henry Sy. File Photo

MANILA – Tycoon Henry Sy’s children allowed non-relatives to occupy the highest positions in SM Investments Corp to allow his empire to be more professional, his eldest daughter said Thursday.

The retail, banking and real estate giant needs to “evolve from our family into a corporate family,” SM Investments vice chairman Teresita Sy-Coson said.

The family decided as early as the start of the year to elect Jose Sio as chairman and Frederic DyBuncio as president of SM Investments, Sy-Coson told ANC’s “Market Edge with Cathy Yang.”

“It’s more of an evolution. It can’t always be a family business since we have a lot more of professional executives with us,” she said.

Sio and DyBuncio “have also been developed under the guiding principles” of the elder Sy, she added. Sio is the conglomerate’s chief finance officer and has served the SM group for two decades.

“I think they will be fine or maybe better,” Sy-Coson said.

With Sio as chairman, the elder Sy, the country's richest man, assumed the position of chairman emeritus.