Philippine Stock Exchange president and chief executive Hans Sicat is set to end his term next month, after spearheading reforms in the local bourse that resulted in improved liquidity and increased participation from investors.
PSE said in a statement independent director Ramon Monzon who also heads the PSE audit committee was nominated to replace Sicat for the top post.
The change in the leadership in the PSE will officially take place during the annual stockholders’ meeting of the company in May.
PSE chairman Jose Pardo cited the invaluable contributions made by Sicat to the growth of the PSE and the development of the Philippine capital markets.
“The PSE has been fortunate to have Mr. Sicat lead the organization for the past years. The exchange has accomplished many major milestones under his leadership as president of the PSE, including recognition in both local and globals scene various products services and programs, the company introduced during this period,” Pardo said.
Among the programs that were introduced under Sicat’s term as president and CEO were the extension of trading hours, the establishment of the capital markets integrity corp., growth in online investors and listed companies and the introduction of new products in the exchange.
Sicat was named PSE president and CEO in January 2011.
“I am truly honored and extremely grateful to have been given the opportunity to head the PSE in the past six years. I look forward to reaching in the coming years,” Sicat said.
Monzon has been with the PSE as an independent director since May 2015 and also serves as director to the Philippine Dealings System Holdings Corp. and its subsidiaries. He is a certified public accountant and was a former partner at Sycip Gorres and Velayo.
He has over 30 years of experience as chairman, president, director and other executive capacities in various companies in the field of finance, media transport and tourism industry.
“The PSE is set to have an equally distinguished and accomplished leader in Mr. Monzon. His extensive experience in various fields will certainly contribute to this management of the exchange,” Pardo said.