D&L Industries Inc., a leading producer of customized specialty products, announced the election of Corazon de la Paz-Bernardo and Lydia Balatbat-Echauz as independent directors.
They replaced Leon and Alex Lao, who retired as directors of D&L. Leon and Alex will still attend board meetings as part of the newly created advisory board, along with co-founder and chairman Emeritus Dean Lao. Yin Yong Lao and John Lao were appointed chair and vice-chair of the board of directors, respectively.
With the two women on the board, four of the seven seats are now held by independent directors. The two other independent directors are Filemon Berba Jr. and Mercedita Nolledo.
De la Paz-Bernardo headed the Social Security System from 2001 to 2008 as president and CEO. Prior to this, she built a successful career as a certified public accountant at Joaquin Cunanan & Co (Price Waterhouse Coopers Philippines) from 1967 to 2001.
Balatbat-Echauz has more than three decades of leading the country’s top schools. She served as president of publicly listed Far Eastern University from 2002 to 2012.