The Philippine Stock Exchange officially announced its upcoming changing of the guard, with incumbent bourse director Ramon Monzon to be elected as president.
Former investment banker Hans Sicat is ending his tenure as PSE president after a six-year term. He started his term in January 2011.
In a statement on Friday, PSE chair Jose Pardo said the new president would be elected during the annual stockholders meeting in May.
“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, including recognition in both local and global scene for the various products, services and programs the company introduced during this period,” Pardo said.
Under Sicat’s term, the PSE extended trading hours, established an independent Capital Markets Integrity Corp., grew online investors and the roster of listed companies, and introduced new products.
“I am truly honored and extremely grateful to have been given the opportunity to head the PSE in the past six years,” Sicat said.
It was earlier reported that Sicat would become the “chief integration officer” who will work on the consolidation of the PSE with other capital market infrastructure under the Philippine Dealing System Holdings (PDS) Group.
“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 his management of the Exchange,” Pardo said.
Monzon, who has been an independent director at PSE since May 2015, also heads the PSE audit committee. He also serves as director of PDS and its subsidiaries. —DORIS DUMLAO-ABADILLA