Frederic C. DyBuncio has been appointed president and chief executive officer of integrated transport solutions provider 2GO Group, Inc.
DyBuncio replaces Dennis Uy, who has been appointed chairman. Uy in turn has replaced Francis Chua, who is now designated as vice chairman. Director Joseph Tan, meanwhile, has been appointed as lead independent director. The changes were the result of an organizational board meeting on September 20, the group said in a disclosure to the Philippine Stock Exchange.
DyBuncio is also the president of SM Investments Corp. (SMIC), which currently owns 30.47% of 2GO after buying a 34.5% stake in the group’s mother firm, Negros Navigation Corp. (NENACO), early this year. The purchase followed Uy’s Udenna Corp.’s acquisition of stakes in NENACO.
In an interview with reporters on the sidelines of the group’s annual stockholders’ meeting on September 20, DyBuncio said SMIC is not yet looking to acquire other logistics companies, focusing for now on the growth of 2GO.
“We believe that there are a lot of growth opportunities,” DyBuncio said, noting in particular the push the government is giving tourism.
Uy, meanwhile, said that as the country’s economy continues to grow, 2GO will “hopefully be at the forefront to serve the customers.”
“It’s a very competitive industry but hopefully we’ll be up for the challenge,” he added.
He said 2GO’s internal targets should be higher than the growth of the economy.
In a separate regulatory disclosure, the new management of 2GO aired optimism that the growth of the group “will reach even greater heights” as it aims to become an even stronger player from 2017 onwards.
2GO and its subsidiaries currently offer warehousing, inventory management, domestic and international express mail and courier services, sales distribution and merchandising, domestic freight services, Isotank, reefer and cold chain services, heavylift and project logistics, regular liner passenger service, corporate/leisure travel package tours, and international freight forwarding and customs brokerage.
