Century Pacific Food, Inc. (PSE:CNPF), one of the leading food and beverage manufacturing companies in the Philippines, elects three new members to its Board of Directors at the recently concluded 2023 Annual Stockholders’ Meeting held on the 6th of July.
Freshly elected board members include Stephen CuUnjieng, Atty. Regina Jacinto-Barrientos, and Philip Soliven.
Distinguished global investment banker Stephen CuUnjieng joins CNPF as an Independent Director. He is the former Chairman and Chief Executive Officer of Evercore Asia Ltd. Prior to this, he was the Vice Chairman of Macquarie ASEAN. He previously held key leadership positions in Hong Kong and Singapore with Merrill Lynch, Salomon Brothers, and Morgan Grenfell. At present, CuUnjieng serves on the Asia Advisory Board of Wharton, is a Director of the International Advisory Board of the New York Philharmonic, and is also a Senior Advisor at PAG, an Asian Private Equity Group headquartered in Hong Kong. He serves as an Independent Director of Philippine Bank of Communications, First Philippine Holdings Corporation, and Century Properties Group.
Taking up a position on the CNPF Board as a Director is Atty. Regina Jacinto-Barrientos, the Chief Executive Officer, name partner, and one of the founders of PJS (Puyat Jacinto Santos) Law. A full-service law firm, PJS Law specializes in mergers and acquisitions and corporate law, with extensive experience in energy, infrastructure, and conflict resolution.
Philip Soliven completes the roster as another Independent Director. He is the former President and Chairman of Cargill Philippines, Inc. A seasoned banker, he currently serves as the Lead Independent Director of Metropolitan Bank and Trust Co, is the Vice Chairman of Multico Prime Power, Inc., and is likewise the Treasurer and Director of The American Chamber of Commerce of the Philippines.
CNPF’s Board is composed of nine seats. Three of which became available as long-time independent directors, Fernan Lukban and Johnip Cua, bade farewell to the company in conclusion of the maximum 9-year term beginning CNPF’s initial public offering in 2014. Lukban was CNPF’s Lead Independent Director and Chairman of the Audit Committee. Cua was likewise an Independent Director, who chaired CNPF’s Corporate Governance and Sustainability Committee. The third seat was formerly occupied by CNPF’s late founder and Chairman Emeritus, Mr. Ricardo S. Po, Sr.
Christopher Po, Executive Chairman of CNPF, said, “Century Pacific has come a long way under the guiding wisdom of Fernan and Johnip. We have weathered many storms and celebrated milestones these past few years. I am deeply grateful for their service and the immense contribution they have made to Century Pacific.”
With their exit, new roles have been appointed to the members of the Board. The Audit Committee will now be led by Soliven, while CuUnjieng will be serving as the new Chairman of the Corporate Governance and Sustainability Committee.
Frances Yu will take the helm as Lead Independent Director, keeping her post as the Chair of the Related Party Transactions Committee. Yu was previously the Chief Retail Strategist of Mansmith and Fielders, Inc., the Vice President and Business Unit Head of Rustan’s Supermarket, and the Vice President and Head of Marketing Operations for Rustan’s Supercenters, Inc. This is her fifth term as an Independent Director at CNPF.
Gina Lorenzana, who is on her third term as an Independent Director, will continue to serve as the Chairman of the Board Risk Oversight Committee. Lorenzana is the former Global Vice President of Unilever’s Global HomeCare Division, leading Fabric Care & Fashion. She spent over 20 years in Unilever Beauty and Personal Care, in a variety of senior executive roles in Asia, Africa, Middle East, Indonesia, China, and the Philippines.
“As the Board, it is incumbent upon us to uphold the principles of corporate governance. I am confident that our new, more diverse slate will foster an environment of innovation, transparency, and accountability – all essential as we aspire to double the business in the next 5 years. Along with our management team, I believe we are well-positioned to drive sustainable, long-term growth in the interest of our stakeholders,” said Po.