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CEO in the News: SM Investments breaks the mold with outside appointment

Philippine group taps ex-banker for president in shift away from family management

Frederic DyBuncio has been tapped to serve as president of SM Investments.

MANILA In late April, SM Investments, the largest conglomerate in the Philippines by market value, announced big changes in its senior management. Teresita Sy-Coson, the eldest among the six children of the group's founder, Henry Sy, said the move represented a "natural evolution" of the family-owned business.

"We are [now] more or less advisers," she said, referring to family members. "Some of us are nonexecutives so that it will go beyond a family business," she told the Nikkei Asian Review.

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