LISTED Megaworld Corp. said its board appointed Lourdes T. Gutierrez-Alfonso as the company’s new president following a special meeting on Tuesday as the property developer positions for future growth.
The 61-year old Ms. Alfonso replaced tycoon Andrew L. Tan, who will remain as chairman of the board of directors, Megaworld said in a stock exchange disclosure.
Megaworld said the appointment of Ms. Alfonso as president will be “effective immediately.”
She held the role of chief operating officer prior to her appointment as president. She is also a director of Megaworld and the chairman of its board executive committee and management executive committee.
Ms. Alfonso has been with Megaworld since 1990 and also serves as director in other Tan-led companies such as Global-Estate Resorts, Inc. and MREIT, Inc.
“She has extensive experience in real estate and a strong background in finance and marketing,” Megaworld said.
Ms. Alfonso is a certified public accountant by profession. She graduated cum laude from Far Eastern University with the degree of Bachelor of Science major in Accounting in 1984.
For the first quarter, Megaworld’s attributable net income rose by 8% to P4.4 billion as consolidated revenue increased by 16% to P18.87 billion on higher sales in its residential segment as well as stronger revenue from its mall and hotel business.
Megaworld stocks were unchanged at P1.77 apiece on Tuesday. — Revin Mikhael D. Ochave
