Hans Sy, president of Southeast Asian property giant SM Prime Holdings Inc. (SMPH), is set to step down as chief executive.
 
Sy, who will turn 61 in September, made the surprise announcement last Saturday during a cocktail hosted for the group’s executive officers at the family’s new hotel property Conrad Manila, industry sources said.
 
The retirement is still subject to board approval, however.
 
Handpicked as Sy’s successor was Jeffrey Lim, 55, SMPH chief finance officer who has been with the group for over two decades.
 
In a text message, Lim said his appointment as the new president of SMPH was expected to take effect on Oct. 1.
 
Asked about the rationale for this management turnover, SM Investments Corp. (SMIC) head of investor relations Cora Guidote said Sy’s retirement was part of “succession planning” in the Sy family.
 
Guidote said Hans Sy had indicated plans to reduce day-to-day responsibilities to spend more time with his family.
 
Lim is widely seen as a suitable successor as the Sy family moves to professionalize management across different units while grooming the next generation Sy family members—all of whom are still young—for greater leadership roles.
 
To date, Lim is also a member of SMPH’s executive committee, and has been president of residential development arm SM Development Corp. since this was merged into SM Prime to create the largest property firm in the country and one of the largest in the region.
 
Lim is also a director of Pico de Loro Beach and Country Club Inc. and holds various board and executive positions in other SMPH’s subsidiaries. He is a member of the management board of the Asia Pacific Real Estate Association.