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Thursday, March 28, 2024

Puregold names Lucio Co’s son as new chief

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Supermarket chain Puregold Price Club Inc. said its board appointed Ferdinand Vincent Co as president of the company effective June 1, 2015.

Puregold said in a disclosure to the stock exchange that Co, the son of Puregold founder Lucio Co, would replace Leonardo Dayao, who will retire from his post also effective June 1, 2015.

The younger Co, 32, has been a director of the Puregold since 2003.

Co is currently the marketing director of Puregold. He holds various positions in different companies owned by the family. He received a Bachelor of Science degree in Entrepreneurial Management from the University of Asia and the Pacific.

Dayao, 70, meanwhile, will remain a director of the company after being nominated for election to the company’s board of directors for 2015.

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Dayao has been a director and the president of the Puregold since 1998, the year when the company was incorporated.

Puregold under Dayao’s stewardship aggressively expanded the number of the chain’s stores throughout the country.

From its first store in Mandaluyong City which opened in 2001, the company expanded  its network to 230 stores as of end 2014, through the construction of new outlets and acquisitions.

Puregold operates through three retail formats and store brands, namely hypermarkets, which offers a wide variety of general merchandise and a full-service; supermarket, which operates as a neighborhood store which offers targeted consumer items and a limited variety of general merchandise; and discounters, which offers a limited number of goods, comprising of the company’s top-selling stocks.

Dayao is also the president of Cosco Capital, Inc., the listed holding company of the Co family with interests in retail, real estate, liquor distribution and mining.

Puregold earlier identified densely-populated sites in the Visayas and Mindanao as areas for expansion.

“Luzon has always been in the center of our plans and operations. While we continue to spread our presence in deepest reaches of the provinces in Luzon, we also want to capture the largely untapped markets of the Visayas and Mindanao,” Puregold vice president for operations Antonio delos Santos said during the press launch of Puregold Perks card last month.

Puregold Perks is a non-revenue promotion to reward frequent shoppers with points that can be used to purchase goods from Puregold stores. The card is now close to achieving 500,000 users and may reach about a million users by end-2015, the company said.

“We want this [Perks card] to be available to our customers in VisMin and all the promotional offers we are introducing,” delos Santos said.

He said Puregold had only five stores in the south–Cagayan de Oro City, Butuan City, Bacolod City and Digos and Lanao in Davao City.

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