Henry Sy Steps Down as Chair of SM; Jose Sio Takes Over
The new order at SM Investments Corporation is unprecedented. Earlier today, ABS-CBN reported that Jose Sio, 77, is to serve as chairman of the group after 92-year-old Henry Sy vacated the position to become chairman emeritus.
His daughter Teresita Sy Coson reportedly suggested the move, and his sons Harley Sy and Henry Sy reportedly agreed.
Jose Sio, though unrelated to Henry Sy, is referred to as "uncle" by the Sy children. He has been on the SM board for 12 years and has also held important positions in companies run by SM, including the most recent post as chief finance officer of the group.
Before SM, he was a senior partner at accounting firm Sycip Gorres Velayo & Co. He received a master’s in business administration at New York University.
Frederic DyBuncio, also outside of the Sy clan, is to serve as president of SM. Coson is vice chairperson while Henry Jr. and Harley serve as vice chairman and director of the board, respectively.
h/t ABS-CBN News