Just as investors were finished digesting the impact of the impending departure of Max’s Group Inc. president Ariel Fermin, they were hit by reports from the grapevine that Maria Rochelle Diaz, the chief financial officer of the listed casual dining restaurant group, is also leaving.
And insiders tell Biz Buzz that more are joining the exodus.
Their reasons for leaving vary but do revolve around their being uncomfortable with recent changes at the listed company whose brands include the flagship Max’s, Pancake House, Krispy Kreme, Yellow Cab, Dencio’s and Jamba Juice.
No wonder that they are now ready and willing to pack up and bring their talent elsewhere, our sources say.
To recall, Max’s announced last month that Fermin, who led the company during the difficult COVID-19 years, was stepping down from his post, to be replaced by CEO and former president Robert Trota.
Fermin joined Max’s in 2017 as chief operating officer and became president in Oct. 2021.
Before leaving at the end of August, Fermin orchestrated the return of Max’s core profit to prepandemic levels. Core income surged eight times to P622 million on the back of the 40-percent jump in systemwide sales to P17.6 billion.
—Tina Arceo-Dumlao
Green light for LTO nominee
Despite having been relieved of his duties as board member of the Land Transportation Franchising and Regulatory Board by former president Joseph Estrada in 1999, there are no obstacles to the appointment of lawyer Vigor Mendoza as head of the Land Transportation Office (LTO).
This is according to the Department of Transportation (DOTr), whose Undersecretary for Legal Affairs Reinier Paul Yebra wrote Biz Buzz this week to clarify the matter.
The DOTr official said that Mendoza had indeed been dismissed in November 1999 by President Estrada, but then he recalled his own order 11 months later.
“The then Department of Transportation and Communications determined that Mr. Mendoza acted in good faith and without any dishonest motive in the complaint filed against him,” the transportation official said.
He also stressed that the DOTr merely endorsed the letter of the Department of the Interior and Local Government to Malacañang, which endorsed Mendoza as LTO head.
That clarifies the issue. But what remains to be seen is whether the opponents of sitting Transportation Secretary Jaime Bautista—both in an out of government—will succeed in their never-ending schemes to undermine him at this crucial department with an eye on having him replaced. Abangan!