Pepsi Philippines names Meralco COO as new chair

MANILA, Philippines – The board of Pepsi-Cola Products Philippines Inc. has elected Oscar S. Reyes as its new chairman following organizational changes.

Reyes, who is currently a member of Pepsi’s board, takes over one of the roles of Hwang Chung who was both chairman and CEO of the cola maker’s local unit.

Yeon-Suk No was named as the new CEO, according to the cola maker’s disclosure to the stock exchange on Tuesday, February 21.

Chung retired from the Lotte Group of companies, the parent firm of Pepsi, while another board director, Inho Kim, leaves the board to take on a new post at Lotte.

With the 2 vacated board seats, new directors were elected–Byoung Tak Hur and Choong Ik Lee.

South Korea’s Lotte Group is the single biggest shareholder at the local Pepsi unit after unit Lotte Chilsung Beverage Co. acquired 34.4% stake in Pepsi Philippines in 2010.

Veteran

Reyes, a veteran Filipino executive, is currently the chief operating officer of Manila Electric Company (Meralco).

He took over the Meralco post on July 1, 2010, after the giant power distributor’s former COO, Jose de Jesus, was appointed by President Aquino as transportation secretary. (De Jesus left the Aquino Cabinet in June 2011.)

Reyes was previously country chairman of Shell Companies in the Philippines.

He is also on the boards of Philippine Long Distance Tel. Co. (PLDT), MRL Gold Phils. Inc,  Link Edge Inc, Bank of the Philippine Islands (BPI), Manila Water Company, Smart Communications Inc, Basic Energy Corporation, Sun Life Financial Plans, Inc., and First Philippine Electric Corporation.

He has an economics degree from Ateneo de Manila University and took post-graduate studies at the Waterloo Lutheran University and the Harvard Business School. – Rappler.com