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Philippine conglomerate JG Summit names new CEO

Leadership kept in the family at country's No. 3 business group

A Robinsons Galleria shopping mall in Manila. A leadership succession is taking place at parent company JG Summit. (Photo by Masayuki Kozono)

MANILA -- JG Summit Holdings, the Philippines' third-largest conglomerate, has tapped Lance Gokongwei to become chief executive, taking the helm of a company founded by his father.

Lance, currently president and chief operating officer, will take the helm May 14, according to a stock exchange filing on Thursday. He will replace his uncle, James Go, who will stay on as chairman.

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