MANILA, Philippines–Property developer Filinvest Land Inc. has named Lourdes Josephine Gotianun-Yap, third child of tycoon Andrew Gotianun Sr., as its new president and chief executive officer effective Oct. 31.
Gotianun-Yap, 57, was elected by the FLI board to replace her husband Joseph Yap, who has been president and CEO since 2007, the property firm disclosed to the Philippine Stock Exchange on Friday.
“This change is in line with corporate policy of turning over operating responsibilities from executives over 60 years old to younger executives,” the disclosure said.
The disclosure added that Yap had turned 60 two years ago and “has been on a holdover capacity while transitioning the position to his designated successor.”
Gotianun-Yap has been a director of FLI since 1990. She was elected as the chairman of FLI’s executive committee in 2010. She is also a director and the president of the group’s holding firm Filinvest Development Corp. and The Palms Country Club, Inc. and Filinvest Alabang Inc.
The new FLI president obtained her master’s gegree in Business Administration from the University of Chicago in 1977. She is the third of Gotianun’s four children, the eldest of who is Andrew Jr., followed by East West Bank chair Jonathan, Josephine and Michael.
The disclosure said Yap would for now remain as president of some FLI’s subsidiaries, including business process outsourcing property developer Cyberzone Properties Inc. and Filinvest Asia Corp., developer and 50 percent owner of the PBCom Tower.
Yap was the first vice president of Family Bank & Trust Co, (also a Gotianun-owned corporation then) from 1982 to 1984. Prior to joining the Filinvest group, Yap held various financial management positions with Nestle in New York, Switzerland and Manila from 1976 to 1982.//30