SM PRIME Holdings, Inc. will have a new president by October 1, the property giant confirmed with the Philippine Stock Exchange on Tuesday.
 
Hans Sy, president of SM Prime Holdings, Inc., addresses shareholders in Manila in this April 14, 2015 file photo. — AFP
 
Hans T. Sy, son of the company’s founder and the Philippines’ richest man, Henry Sy, Sr., is stepping down as president after serving SM Prime for about 12 years. 
 
The company’s Executive Vice-President and Corporate Information Officer Jeffrey C. Lim will assume the position.
 
Mr. Sy, however, will continue serving SM Prime as chairman of the executive committee and member of the board of directors.
 
SM Prime further noted that Mr. Sy “will still be highly involved in the company’s overall strategic direction” after ceding the presidency to Mr. Lim.
 
Mr. Sy also advises the board of SM Investments Corp. and serves as executive vice-president of ShoeMart, Inc. and president of Shopping Center Management Corp. 
 
Mr. Lim has served the SM Group for more than two decades. He was the chief financial officer of SM Prime before taking the executive vice-president and corporate information officer positions.
 
As president, Mr. Lim will guide SM Prime toward achieving its target of doubling net earnings within the next three years. 
 
Shares in SM Prime fell nearly 2% to close at P27.55 apiece on Tuesday. — Keith R. D. Mariano