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Lance Gokongwei

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In this Philippine name, the middle name or maternal family name is Yu and the surname or paternal family name is Gokongwei.
Lance Gokongwei
Gokongwei in 2022
Born
Lance Yu Gokongwei

(1966-11-23) November 23, 1966 (age 57)
Manila, Philippines
CitizenshipFilipino
EducationUniversity of Pennsylvania (BS)
OccupationBusinessman
Title
  • Head of the Gokongwei Group
  • President and CEO of JG Summit Holdings Inc.
  • Chairman of Robinsons Retail Holdings,
  • Vice Chairman of Manila Electric Company
  • Chairman of the Gokongwei Brothers Foundation, Inc.
SpouseJay Leong
Children2
Parents

Lance Yu Gokongwei (born 23 November 1966) is a Filipino businessman. He is the President and CEO of JG Summit Holdings, Inc. since 2018.[1][2][3] Gokongwei is the only son of businessman John Gokongwei Jr.[1] He and his siblings are listed among the richest in the country.[4]

Early life

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Gokongwei was born in Manila as the second of six children. His father, John Gokongwei, established JG Summit Holdings Inc., while his mother, Elizabeth, was a founding member of Robinsons Department Store.[5] He went to Xavier School until the second year of high school. He then finished his last two years of high school in Singapore.[6]

In 1988, he graduated from the University of Pennsylvania with a double degree in Finance and Applied Science (summa cum laude).[7]

Business career

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Gokongwei began his career joining the family business as a management trainee at Universal Robina Corporation (URC).[8] He sold Jack ’n Jill snacks to supermarkets, groceries, and sari-sari stores.[9]

Universal Robina

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In the late 1990s, Gokongwei became general manager of URC's branded food business, where he led the development of beverages.[7] In 2004, the company introduced C2, a ready-to-drink tea that went head-to-head with foreign cola companies that dominated the beverage sector in the Philippines. It was so successful that another production line was required to meet demand.[10]

In 2013, Gokongwei became chief executive of URC.[7] The following year, he partnered with Japan's Calbee and France's Danone for potato chips and beverages, respectively. He also acquired New Zealand-based cookie maker Griffin's Foods for 700 million New Zealand dollars ($609 million at the time), giving Universal Robina a presence in the South Pacific. The partnership with Calbee, ended five years later as Calbee suffered losses in the Philippine market.[11]

In 2021, URC bought Malaysia's Munchy Food Industries for 1.9 billion ringgit ($454 million) to become the nation's leading biscuits manufacturer.[12]

Cebu Pacific Air

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In 1996, Gokongwei was tasked by his father to take on the challenge of building a new low-cost airline, Cebu Pacific Air.[13] In February 1998, two years after the company's inception, Cebu Pacific Flight 387 crashed into a mountainside, killing all 104 people aboard. At the time, it was the nation's worst air disaster.[14]

In 2010, Cebu Pacific became the Philippines largest airline.[15]

In December 2022, Gokongwei announced his resignation as president and CEO of Cebu Pacific.[16]

Earlier in the year, Gokongwei joined five other businessmen in a consortium that proposed to revamp Manila's Ninoy Aquino International Airport by spending 267 billion pesos. The government rejected the bid in July.[17]

JG Summit Holdings

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In 2018, Gokongwei was named CEO of JG Summit Holdings,[18] a holding company which provides consumer foods, agro-industrial and commodity food products, real property development, hotels, telecommunications, petrochemicals, air transportation and power generation.[19]

Robinsons Land

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Lance Gokongwei took over as president and CEO of Robinsons Land Corp. in January 2024, following the resignation of his cousin, Frederick D. Go, from both positions. [20]

Earlier, Malacañang announced Go's appointment as the head of the Office of the Special Assistant to the President for Investment and Economic Affairs.[21]

Energy

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Gokongwei joined the board of SP New Energy Corp. (SPNEC) in May 2024. SPNEC is a subsidiary of Solar Philippines, the largest solar energy provider in the Philippines.[22]

Gokongwei has been a director of Manila Electric Co. (Meralco) since 2013 when JG Summit acquired ownership in the power utility firm. [23]

Sustainability

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Gokongwei is a member of the National Advisory Council of WWF Philippines.[24] In 2020, Gokongwei was named a member of board of the Global Reporting Initiative (GRI), representing the business enterprise sector.[25]

Philanthropy

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Gokongwei is the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines.[26] On its 30th year, the foundation's goal is to participate in the learning journey of 10,000 teachers and one million learners by 2025.[27]

Awards

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Gokongwei was awarded the 2005 Entrepreneur of the Year by Ernst and Young, one of Ten Outstanding Young Men in the Philippines in 2000, Finance Asia's Best CEO in 2015 and 2018, and Institutional Investors Best CEO in 2015.[3]

Personal life

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Gokongwei is married to Jay Leong.[28] They have a daughter and a son.

In 2016, Gokongwei wrote a book titled Lessons from Dad, John Gokongwei Jr.[29] He also contributed to an anthology titled Letters to My Children.[30]

References

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  1. ^ a b "Lance Gokongwei". Forbes.
  2. ^ "Lance Yu Gokongwei". Bloomberg.
  3. ^ a b "Forbes CEO: Lance Y. Gokongwei". Forbes Asia. October 28, 2022. Retrieved 2022-11-22.
  4. ^ "2022 Forbes list: Sy siblings still richest in PH, Villar is biggest gainer". RAPPLER. August 12, 2022. Retrieved 2022-10-25.
  5. ^ Punzalan, Justine (November 20, 2019). "John and Elizabeth Gokongwei: A love story not limited by life on earth". PEP.ph. Retrieved 2022-10-25.
  6. ^ "Lance Gokongwei really, really wanted to be a baller: Find out how he's living out his dream in Xavier's alumni team - Bilyonaryo Business News". bilyonaryo.com. November 28, 2021. Retrieved 2022-10-25.
  7. ^ a b c Venzon, Cliff (January 14, 2016). "CEO in the news: JG Summit's CEO-to-be is already putting ambitions into action". Nikkei Asia.
  8. ^ "Lance Gokongwei & siblings". Forbes.
  9. ^ "Lance Gokongwei is proof you should never judge a man by his car". Top Gear Philippines.
  10. ^ "URC poised to grab leadership in 'healthy' beverage market". Philstar.com. December 9, 2005. Retrieved 2022-10-25.
  11. ^ "Find out why Gokongwei's potato chip venture with Japan's Calbee bombed - Bilyonaryo Business News". bilyonaryo.com. Nov 5, 2018. Retrieved 2022-10-25.
  12. ^ "Philippines' Gokongwei Group Buys Malaysia's Munchy For $454 Million, Boosting Southeast Asian Footprint". forbes.com. November 29, 2021. Retrieved 2023-08-16.
  13. ^ "Making Flying Fun". Forbes. May 26, 2011.
  14. ^ "Philippine Crash Victims Buried". Associated Press. March 28, 1998. Retrieved 2022-11-02.
  15. ^ "Employees First". cnn.com. June 9, 2010. Retrieved 2022-11-02.
  16. ^ "Lance Gokongwei resigns as Cebu Pacific President & CEO". philstar.com. December 6, 2022. Retrieved January 14, 2023.
  17. ^ "Philippine Budget Airline Tycoon Lance Gokongwei Is Betting On A Sustained Travel Rebound". philstar.com. August 9, 2023. Retrieved 2023-08-14.
  18. ^ Nicolas, Jino (April 26, 2018). "JG Summit appoints Lance Gokongwei as CEO". BusinessWorld Online. Retrieved 2022-10-25.
  19. ^ "JG Summit Holdings". Forbes.com. Retrieved 2024-05-13.
  20. ^ Cacho-Laurejas, Katlene (December 22, 2023). "CEO Frederick D. Go steps down as RLC, RLC REIT President, CEO". SunStar Philippines. Retrieved 2024-05-12.
  21. ^ Gonzales, Iris (December 21, 2023). "Lance Gokongwei assumes RLC president and CEO role". Philstar. Retrieved 2024-05-13.
  22. ^ "Gokongwei joins SPNEC board". Philstar. May 2024. Retrieved 2024-05-13.
  23. ^ "Gokongwei buys 27 percent of Meralco". Philstar. December 2013. Retrieved 2024-05-13.
  24. ^ "Who We Are: Meet the Pandas". WWF. June 2022. Retrieved 2023-08-16.
  25. ^ "Lance Y. Gokongwei appointed board member of top sustainability reporting standards body - BusinessMirror". BusinessMirror. January 30, 2020. Retrieved 2022-10-25.
  26. ^ "About: Gokongwei Brothers Foundation" (PDF). National Museum of the Philippines. June 2022. Retrieved 2022-11-03.
  27. ^ "Biz Buzz: Class War". Philippine Daily Inquirer. October 28, 2022. Retrieved 2022-11-03.
  28. ^ Ganal, FM (December 26, 2020). "Lance Gokongwei lets wife be CEO of household: "She's the gold standard in parenting"". PEP.ph. Retrieved 2022-10-29.
  29. ^ "Life Advice from John Gokongwei". esquiremag.ph. November 27, 2017. Retrieved 2022-11-02.
  30. ^ "What Does Lance Gokongwei Want His Children to Know". esquiremag.ph. December 15, 2016. Retrieved 2022-11-02.
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