Andrew Tan steps down as Megaworld CEO; Alfonso takes over

Lourdes Gutierrez-Alfonso —CONTRIBUTED PHOTO

Property giant Megaworld Corp. has appointed a new president, officially replacing billionaire and founder Andrew Tan after more than three decades.

In a stock exchange filing on Tuesday, Megaworld announced that Lourdes Gutierrez-Alfonso, now its former chief operating officer, was appointed president effective immediately.

She succeeds Tan, who also stepped down as CEO but will remain chair of Megaworld.

READ: Megaworld earnings up 8% on robust sales

Prior to her appointment, the 61-year-old Alfonso was likewise a director, member of the board and management executive committees, and senior executive vice president for finance and administration of Megaworld.

Alfonso, one of Megaworld’s first employees, also sits as the director of the property developer’s affiliates, including listed Global-Estate Resorts Inc. and MREIT Inc.

“She has an extensive experience in real estate and a strong background in finance and marketing,” Megaworld said of Alfonso, who also chairs Belmont Newport Luxury Hotels Inc., one of the parent firm’s four-star hotel chains.

A certified public accountant by profession, Alfonso joined the Megaworld in 1990, six years after obtaining her bachelor of science degree in accounting from Far Eastern University.

Megaworld founder Tan had been the company’s chair and president since it was incorporated in 1989.

Alfonso’s appointment comes a month after Megaworld announced plans to spend P55 billion this year to further widen its footprint across the country.

Megaworld plans to expand its leasing portfolio by 52 percent to 3 million square meters by the end of the decade through new offices and lifestyle malls. INQ