Dennis Uy has been appointed as the new president and chief executive officer of 2GO Group, Inc. following the retirement of Sulficio Tagud, Jr.
2GO said in a press statement that the appointment of Uy—president and CEO of diversified holding company Udenna Corporation, the parent firm of Phoenix Petroleum Philippines, Inc.—was decided in a meeting with parent company Negros Navigation Co., Inc. (NENACO) on April 7.
During the same meeting, Tagud, along with Jeremias Cruzabra and Jose Amor Amorado, also resigned as member of the board. They were replaced by Frederic C. Dybuncio, Ma. Concepcion F. de Claro, and Laurito E. Serrano, with Serrano as an independent director.
The new appointees join directors Elmer B. Serrano and Joseph C. Tan, and assistant corporate secretary Mia M. Ormita. Serrano is also the corporate information officer (CIO), and is joined by alternate CIOs Phil Ivan Chan and Gino Paulo Uy.
With the recent resignations, the only remaining members of 2GO’s previous board are chairman Francis Chua and independent directors Raul Rabe and Monico Jacob.
Last February 6, seven directors of 2GO resigned and were replaced by new members and officers.
The change in board membership came after Udenna filed a lawsuit against 2GO’s parent firms, Negros Holdings Management Corp. and KGLI-NM Holdings Inc., for blocking his firm’s entry into the integrated transport solutions provider. A Manila regional trial court referred the case for arbitration.
Aside from the changes in its board and list of officers, 2GO also recently saw 34.5% of its shares acquired by holding company SM Investments Corporation. SMIC bought the stake from NENACO for US$124.5 million, signalling its first venture into the logistics business.
2GO is the country’s largest integrated supply chain operator, with businesses in shipping, freight forwarding, warehousing, and express delivery.
