MANILA -Max’s Group Inc. (MGI) president Ariel Fermin, who led the company during the turbulent COVID-19 crisis, is stepping down less than two years after taking the top job at the country’s biggest casual restaurant group.
Fermin, who is in his mid 50s, is retiring as president effective Aug. 31 this year. He will be replaced by CEO and former president Robert Trota.
“Today’s announcement represents the continuing evolution of the business, relying on strengths we have developed and mastered throughout the years,” Sharon Fuentebella, MGI chair, said in a statement.
“Our course remains unaltered. The customer will always be at the center of what we do. Robert has over 20 years of experience in the food and beverage industry, and together with the board and management team, we will ensure the company’s goals are executed,” she added.
As president and CEO, Trota will oversee the company’s sprawling restaurant group, which has 675 restaurants across brands such as Max’s Restaurant, Yellow Cab Pizza and Pancake House, including 65 overseas outlets, as of end-March.
Fermin, a former executive at PLDT Inc., joined MGI in 2017 as chief operating officer. He was named president of the company on Oct. 28, 2021.
“[I] would like to thank Ariel for his innumerable contributions to MGI. He led the company through one of the most challenging periods of our time. Through his leadership, MGI not only beat the odds during the pandemic, but refined the model for our existing business and established new opportunities in a fast-growing food retail category,” Fuentebella said.
In a previous filing, MGI said core profits in 2022 had recovered to the prepandemic level amid the strong rebound in the restaurant sector. Core net income surged eight times to P622 million while systemwide sales jumped over 40 percent to P17.6 billion.
READ: Max’s Group core profit exceeds prepandemic level