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Henry Sy steps down as chairman of SMIC

SM Investments Corp. on Wednesday announced key organizational changes to support the conglomerate’s next phase of growth, as retail tycoon Henry Sy Sr. steps down as chairman of the board.

SMIC said in a statement its board conferred upon Henry Sy Sr. the role of chairman emeritus, in recognition of his role as the founder of SMIC and all its core businesses. 

The board then approved the appointment of Jose Sio as the new chairman of the board and Frederic DyBuncio as president.

DyBuncio will replace Harley Sy who will remain as executive director of the board.

“These changes affirm the continuing role of professionals in executing the larger vision of SM while further strengthening the group’s good governance and sustainability practices,” SMIC said.

Conglomerate SM Investments Corp. announces key organizational changes as Henry Sy Sr. steps down as chairman to become chairman emeritus.  Shown leading the SMIC stockholders' meeting at SMX Convention Center in Pasay City are (from left) SMIC vice chairman Henry Sy Jr.; Felicidad Sy, wife of Henry Sy;  and SMIC vice chairperson Teresita Sy-Coson. Bobby Cabrera
DyBuncio said in a news briefing following the company’s annual stockholders the conglomerate would continue to focus on core businesses of banking, property and retail.

He said the group would also continue to look for investment opportunities that could complement existing businesses.

Sio said the new appointments in the conglomerate signified the Sy family’s plan to professionalize the management in preparation for the future.

“We are preparing the third generation of the Sy family. As you know the third generation are immersed within the SM group and we are preparing them to take their leadership position in the near future,” Sio said.

Sio has been SMIC’s chief finance officer for 26 years and was instrumental in supporting the phenomenal growth of the conglomerate and its subsidiaries. 

He instilled strict financial discipline across all businesses that later helped the company achieve optimal results even as the whole group maintained a sound and stable financial position.

DyBuncio joined SM Investments in 2011 as senior vice president and eventually as executive vice president handling the company’s portfolio investments. This portfolio has since grown to include Belle Corp., Atlas Mining, the Net Buildings, CityMalls, MyTown and most recently 2Go.

DyBuncio brings with him a wealth of experience in banking where he spent over 20 years with JP Morgan Chase and its predecessor companies.

Meanwhile, the SMIC board also approved the election of former University of the Philippines president Alfredo Pascual as independent director replacing Ah Doo Lim who joined the board in 2008 and served the full term as an independent director.

SM Investments said net income rose eight percent in 2016 to P31.2 billion, as revenues climbed 9 percent to P362.8 billion.

Topics: Henry Sy Sr. , SM Investments Corp. , SMIC , Jose Sio , Frederic DyBuncio
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