Hans Sy retiring as SM Prime president

MANILA, Philippines – Hans Sy, the 60-year-old son of the country’s richest man, is retiring as president of SM Prime Holdings Incorporated (SMPHI).

SMPHI vice president for finance Teresa Cecilia Reyes informed the local bourse about Sy’s retirement on Tuesday, July 5.

He, however, will remain the “chairman of [SMPHI’s] Executive Committee, member of the board, and will still be highly involved in the company’s overall strategic direction,” Reyes said.

Sy will be replaced by SMPHI chief financial officer Jeffrey Lim.

Lim joined SMPHI in 1994 and has played a key role in the expansion of SM Supermalls, including its shopping malls in China.

SMPHI confirmed to the local bourse that the announcement was made last Saturday, July 2, during a cocktail party hosted exclusively for SMPHI’s executive officers at the family’s new hotel Conrad Manila.

Sy’s father is the only Filipino to land in Forbes’ top 100 richest at 71st place, up from 2015’s 73rd.

Although Henry Sy Sr gained two spots, his net worth slid to $12.9 billion from $14.2 billion.

The Sy family owns SMPHI, BDO Unibank Incorporated, and SM Retail Incorporated. – Rappler.com