RLC’s Frederick Go steps down, Lance Gokongwei to take charge
FREDERICK D. Go is stepping down as the president and chief executive officer (CEO) of Robinsons Land Corp. (RLC), effective January next year, following his appointment as Special Assistant to the President for Investment and Economic Affairs, the listed company announced on Wednesday.
In a regulatory filing, RLC stated that its board of directors has accepted Mr. Go’s resignation as president and CEO, as well as a member of its board of directors, effective Jan. 8, 2024.
The company’s board has also approved the appointment of RLC Chairman Lance Y. Gokongwei as president and CEO, and Executive Vice-President Faraday D. Go as a member of the RLC board, starting next month.
In separate disclosures, Mr. Go is also resigning as chairman and member of the board of RL Commercial REIT, Inc. and Altus Property Ventures, Inc., although the two companies have yet to announce who will be replacing Mr. Go.
He also serves as the director of power utility giant Manila Electric Co., and Cebu Air, Inc.
RLC’s management changes will not have an impact on the company’s performance and operations, analysts said, adding that investors are seen to be confident in the leadership.
“We don’t think this will shake things up at RLC. The rest of the senior management team remains intact, and investors are confident in the leadership of Mr. Gokongwei as the new CEO,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message on Wednesday.
“Although it was quite a surprise to the market, Mr. Go’s skills will be of great use in government. RLC is still in the highly capable hands of Mr. Gokongwei,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan likewise said in a Viber message.
As the company’s board has approved the recent changes, RLC is expected to continue its current strategies and plans, Mr. Colet said, adding that the company’s stock should perform well over time.
On Monday, Malacañang announced the issuance of an executive order creating an office responsible for strategic advice on economic concerns, including inflation and investment opportunities.
The Office of the Special Assistant to the President for Investment and Economic Affairs will be headed by Mr. Go, giving him a secretary-level post.
For the third quarter, RLC recorded an attributable net income of P3.06 billion, up by 49.3% from P2.05 billion a year ago on higher revenues for the period.
The company’s third-quarter gross revenue rose to P10.58 billion, climbing by 27.9% from the P8.27 billion previously.
At the local bourse on Wednesday, shares in RLC gained 32 centavos or 2.04% to end at P16 apiece. — Ashley Erika O. Jose
