BIZ BUZZ: The exodus

A number of C-suite executives of this business house are either quitting or getting axed.

But instead of letting go of nonperforming folks to enhance performance, industry sources familiar with the house opined that even seasoned and hardworking professionals who have done quite well during the pandemic are being decimated.

Because the big boss is no longer as mentally sharp and physically strong as before, there is snowballing concern that the executives are now subject to the mercy or whims of other family members who now run the show.

There is an active headhunting to replace the head of a highly regulated business unit, for instance, but at least three prospects have declined. After all, who wants to get involved in messy corporate politics?

The key capital re-engineering needed by this highly regulated operating unit is also moving at a snail’s pace even if already committed to the regulators. No matter how many times the strategy has been explained, there are board members who do not realize the urgency.

In another subsidiary, we heard that the head is also being pressured to resign without justifiable cause (this unit is actually profitable), in exchange for a not-so-golden parachute.

In a capital-intensive unit, two chiefs were pushed out in a span of four years, just when many people thought these people did well considering the challenges faced by the enterprise. But there is some optimism on the latest appointment, which came into play after the business went over the hump, so to speak.

To date, the group is already lagging many of its peers, which offer a more conducive workplace for professionals in this day and age that mental well-being is a priority for most people.

Based on the horror stories that more and more people are hearing about—and may one day reach the ears of regulators (if they haven’t already) —the group needs to rethink the way some members of the tribe treat people if it wants to attract and retain topnotch talent.

—Doris Dumlao-Abadilla

From ‘foodpanda’ to ‘Delivery Hero’

Food delivery app foodpanda Philippines has changed its legal corporate name to Delivery Hero Philippines Inc. to represent its parent firm in Berlin, but will retain the “foodpanda” brand name.

“With the change in our corporate name, we are proudly representing our parent company in Berlin and regional headquarters in Singapore, while continuing to proudly fly the foodpanda flag along with our colleagues across Asia,” said Daniel Marogy, managing director of foodpanda Philippines.

In 2016, online food delivery firm Delivery Hero acquired foodpanda before going public on the Frankfurt Stock Exchange. The Berlin-based company in 2019 then purchased a $4-billion majority stake in South Korean online food delivery service firm Woowa, paving the way for the establishment of a joint venture in Singapore that monitors its Asian operations, including foodpanda.

Marogy said that the company’s partners were informed about the name change so it would be reflected on all invoicing, marketing materials and other related legal and commercial documents.

This month, foodpanda celebrates its eighth anniversary in the Philippines, where it is available in 150 cities and municipalities nationwide.

— Tyrone Jasper C. Piad INQ