Lance Gokongwei
{{Short description|President and CEO of JG Summit (born 1966)}}
{{Philippine name|Yu|Gokongwei}}
{{promotional|date=October 2022}}
{{Infobox person
| name = Lance Gokongwei
| image = Lance Gokongwei.jpg
| image_size = 220px
| caption = Gokongwei in 2022
| birth_name = Lance Yu Gokongwei
| birth_date = {{Birth date and age|1966|11|23}}
| birth_place = Manila, Philippines
| death_date =
| death_place =
| occupation = Businessman
| years_active =
| citizenship = Filipino
| education = University of Pennsylvania (BS)
| title = *Head of the Gokongwei Group
- President and CEO of JG Summit Holdings
- Chairman of Universal Robina, Cebu Pacific, Robinsons Land
- Vice Chairman of Manila Electric Company
- Board Adviser of Robinsons Retail
- Chairman of the Gokongwei Brothers Foundation
| spouse = Jay Leong
| partner =
| children = 2
| mother = Elizabeth Yu Gokongwei
| father = John Gokongwei
| relatives =
| family =
}}
Lance Yu Gokongwei (born 23 November 1966) is a Filipino businessman. He is the President and CEO of JG Summit Holdings, Inc. since 2018.{{cite web | url=https://www.forbes.com/profile/lance-gokongwei/?sh=3384708850ca | title=Lance Gokongwei | website=Forbes }}{{cite web |title=Lance Yu Gokongwei |url=https://www.bloomberg.com/profile/person/1550999 |website=Bloomberg}}{{Cite web |date=October 28, 2022 |title=Forbes CEO: Lance Y. Gokongwei |url=https://www.forbesasiaceowebinar.com/people/lance-y-gokongwei |access-date=2022-11-22 |website=Forbes Asia}} Gokongwei is the only son of businessman John Gokongwei Jr. He and his siblings are listed among the richest in the country.{{Cite web |date=August 12, 2022 |title=2022 Forbes list: Sy siblings still richest in PH, Villar is biggest gainer |url=https://www.rappler.com/business/2022-forbes-list-philippines-richest/ |access-date=2022-10-25 |website=RAPPLER |language=en-US}}
Early life
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.{{Cite web |last=Punzalan |first=Justine |date=November 20, 2019 |title=John and Elizabeth Gokongwei: A love story not limited by life on earth |url=https://www.pep.ph/lifestyle/147648/elizabeth-gokongwei-a3830-20191120 |access-date=2022-10-25 |website=PEP.ph |language=en}} He went to Xavier School until the second year of high school. He then finished his last two years of high school in Singapore.{{Cite web |date=November 28, 2021 |title=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 |url=https://bilyonaryo.com/2021/11/28/lance-gokongwei-really-really-wanted-to-be-a-baller-find-out-how-hes-living-out-his-dream-in-xaviers-alumni-team/social/ |access-date=2022-10-25 |website=bilyonaryo.com |language=en-US}}
In 1988, he graduated from the University of Pennsylvania with a double degree in Finance and Applied Science (summa cum laude).
Business career
Gokongwei began his career joining the family business as a management trainee at Universal Robina Corporation (URC).{{cite web | url=https://www.forbes.com/profile/lance-gokongwei-siblings/?sh=3fd9bbe79214 | title=Lance Gokongwei & siblings | website=Forbes }} He sold Jack ’n Jill snacks to supermarkets, groceries, and sari-sari stores.{{cite web | url=https://www.topgear.com.ph/features/feature-articles/lance-gokongwei-company-car-a962-20190506 | title=Lance Gokongwei is proof you should never judge a man by his car | website=Top Gear Philippines }}
= Universal Robina =
In the late 1990s, Gokongwei became general manager of URC's branded food business, where he led the development of beverages.{{cite web |last=Venzon |first=Cliff |date=January 14, 2016 |title=CEO in the news: JG Summit's CEO-to-be is already putting ambitions into action |url=https://asia.nikkei.com/Business/JG-Summits-chiefinwaiting-leads-regional-expansion-ahead-of-big-days |website=Nikkei Asia}} 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.{{Cite web |date=December 9, 2005 |title=URC poised to grab leadership in 'healthy' beverage market |url=https://www.philstar.com/business/2005/12/09/311314/urc-poised-grab-leadership-145healthy146-beverage-market |access-date=2022-10-25 |website=Philstar.com}}
In 2013, Gokongwei became chief executive of URC. 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.{{Cite web |date=Nov 5, 2018 |title=Find out why Gokongwei's potato chip venture with Japan's Calbee bombed - Bilyonaryo Business News |url=https://bilyonaryo.com/2018/11/05/find-out-why-gokongwei-s-potato-chip-venture-with-japans-calbee-bombed/business/ |access-date=2022-10-25 |website=bilyonaryo.com |language=en-US}}
In 2021, URC bought Malaysia's Munchy Food Industries for 1.9 billion ringgit ($454 million) to become the nation's leading biscuits manufacturer.{{cite web|url=https://www.forbes.com/sites/jonathanburgos/2021/11/29/philippines-gokongwei-group-buys-malaysias-munchy-for-454-million-boosting-southeast-asian-footprint/?sh=7e3fddd66619|title=Philippines’ Gokongwei Group Buys Malaysia’s Munchy For $454 Million, Boosting Southeast Asian Footprint|website=forbes.com|date=November 29, 2021|access-date=2023-08-16}}
= Cebu Pacific Air =
In 1996, Gokongwei was tasked by his father to take on the challenge of building a new low-cost airline, Cebu Pacific Air.{{cite web |date=May 26, 2011 |title=Making Flying Fun |url=https://www.forbes.com/global/2011/0606/features-cebu-pacific-lance-gokongwei-flying-fun.html?sh=320a201e67d0 |website=Forbes}} 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.{{Cite web |date=March 28, 1998 |title=Philippine Crash Victims Buried |url=https://apnews.com/article/7c83c29009a83b88369f0180b9450e40 |access-date=2022-11-02 |website=Associated Press}}
In 2010, Cebu Pacific became the Philippines largest airline.{{Cite web |date=June 9, 2010 |title=Employees First |url=http://edition.cnn.com/ASIANOW/asiaweek/magazine/99/1008/cover1.html |access-date=2022-11-02 |website=cnn.com}}
In December 2022, Gokongwei announced his resignation as president and CEO of Cebu Pacific.{{cite web|url=https://www.philstar.com/business/stock-commentary/2022/12/06/2228910/lance-gokongwei-resigns-cebu-pacific-president-ceo|title=Lance Gokongwei resigns as Cebu Pacific President & CEO|website=philstar.com|date=December 6, 2022|access-date=January 14, 2023}}
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.{{cite web|url=https://www.forbes.com/sites/gloriaharaito/2023/08/09/philippine-budget-airline-tycoon-lance-gokongwei-is-betting-on-a-sustained-travel-rebound/?sh=3a208a314ed3|title=Philippine Budget Airline Tycoon Lance Gokongwei Is Betting On A Sustained Travel Rebound|website=philstar.com|date=August 9, 2023|access-date=2023-08-14}}
= JG Summit Holdings =
In 2018, Gokongwei was named CEO of JG Summit Holdings,{{Cite web |last=Nicolas |first=Jino |date=April 26, 2018 |title=JG Summit appoints Lance Gokongwei as CEO |url=https://www.bworldonline.com/editors-picks/2018/04/27/153759/jg-summit-appoints-lance-gokongwei-as-ceo-2/ |access-date=2022-10-25 |website=BusinessWorld Online |language=en-US}} a holding company which provides consumer foods, agro-industrial and commodity food products, real property development, hotels, telecommunications, petrochemicals, air transportation and power generation.{{Cite web |last= |first= |date= |title=JG Summit Holdings|url=https://www.forbes.com/companies/jg-summit-holdings/?sh=3bdc7fe24e9d|access-date=2024-05-13|website=Forbes.com |language=en}}
= Robinsons Land =
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.
Earlier, Malacañang announced Go's appointment as the head of the Office of the Special Assistant to the President for Investment and Economic Affairs.{{Cite web |last= Gonzales |first= Iris |date=December 21, 2023 |title=Lance Gokongwei assumes RLC president and CEO role|url=https://www.philstar.com/business/2023/12/21/2320273/lance-gokongwei-assumes-rlc-president-and-ceo-role |access-date=2024-05-13 |website=Philstar |language=en}}
Gokongwei later resigned his position as president and CEO of Robinsons Land on February 1, 2025 while maintaining his role as chairman of the company. He was succeeded by Mybelle V. Aragon-GoBio.{{cite web |last1=Balaoing |first1=Benise |title=Lance Gokongwei stepping down as Robinsons Land president |url=https://www.abs-cbn.com/news/business/2025/1/6/lance-gokongwei-stepping-down-as-robinsons-land-president-1436 |website=ABS-CBN News |access-date=6 March 2025 |date=6 January 2025}}{{cite web |last1=Mercurio |first1=Richmond |title=Gokongwei steps down as RLC president/CEO; first female exec takes over |url=https://www.philstar.com/business/2025/01/07/2412294/gokongwei-steps-down-rlc-presidentceo-first-female-exec-takes-over |website=Philstar.com |access-date=6 March 2025 |date=7 January 2025}}
Energy
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.{{Cite web |date=May 2024 |title=Gokongwei joins SPNEC board
|url=https://www.philstar.com/business/2024/05/11/2354116/gokongwei-joins-spnec-board|access-date=2024-05-13 |website=Philstar|language=en-US}}
Gokongwei has been a director of Manila Electric Co. (Meralco) since 2013 when JG Summit acquired ownership in the power utility firm.{{Cite web |date=December 2013 |title=Gokongwei buys 27 percent of Meralco
|url=https://www.philstar.com/business/2013/12/12/1266982/gokongwei-buys-27-meralco|access-date=2024-05-13 |website=Philstar|language=en-US}}
Sustainability
Gokongwei is a member of the National Advisory Council of WWF Philippines.{{Cite web |date=June 2022 |title=Who We Are: Meet the Pandas
|url=https://wwf.org.ph/who-we-are/meet-the-pandas/|access-date=2023-08-16 |website=WWF|language=en-US}} In 2020, Gokongwei was named a member of board of the Global Reporting Initiative (GRI), representing the business enterprise sector.{{Cite web |last= |date=January 30, 2020 |title=Lance Y. Gokongwei appointed board member of top sustainability reporting standards body - BusinessMirror |website=BusinessMirror |url=https://businessmirror.com.ph/2020/01/30/lance-y-gokongwei-appointed-board-member-of-top-sustainability-reporting-standards-body/,%20https://businessmirror.com.ph/2020/01/30/lance-y-gokongwei-appointed-board-member-of-top-sustainability-reporting-standards-body/ |access-date=2022-10-25 |language=en-US}}
Philanthropy
Gokongwei is the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines.{{Cite web |date=June 2022 |title=About: Gokongwei Brothers Foundation |url=https://www.nationalmuseum.gov.ph/wp-content/uploads/2022/06/About-Gokongwei-Brothers-Foundation.pdf |access-date=2022-11-03 |website=National Museum of the Philippines}} 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.{{Cite news |date=October 28, 2022 |title=Biz Buzz: Class War |url=https://business.inquirer.net/369975/class-war |access-date=2022-11-03 |newspaper=Philippine Daily Inquirer}}
Awards
Gokongwei won the EY-Bank of Singapore Asean Entrepreneurial Excellence Award for 2024. The award recognizes "successful Southeast Asian businesses that contribute to the economy and community in the region."{{cite web | url=https://business.inquirer.net/490651/lance-gokongwei-wins-ey-asean-entrepreneurial-excellence-award | title=Lance Gokongwei wins EY Asean Entrepreneurial Excellence Award | website=Philippine Daily Inquirer }}
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.{{cite web | url=https://www.forbesasiaceowebinar.com/people/lance-y-gokongwei/ | title=Lance Y. Gokongwei| website=ForbesAsia }}
Personal life
Gokongwei is married to Jay Leong.{{Cite web |last=Ganal |first=FM |date=December 26, 2020 |title=Lance Gokongwei lets wife be CEO of household: "She's the gold standard in parenting" |url=https://www.pep.ph/lifestyle/parenting/155597/lance-gokongwei-wife-a722-20201226 |access-date=2022-10-29 |website=PEP.ph |language=en}} They have a daughter and a son.
In 2016, Gokongwei wrote a book titled Lessons from Dad, John Gokongwei Jr.{{Cite web |date=November 27, 2017 |title=Life Advice from John Gokongwei|url=https://www.esquiremag.ph/the-good-life/mavericks/life-advice-from-john-gokongwei-one-of-the-filipino-billionaires-in-forbes-world-list-a00185-20171127-lfrm |access-date=2022-11-02 |website=esquiremag.ph}} He also contributed to an anthology titled Letters to My Children.{{Cite web |date=December 15, 2016 |title=What Does Lance Gokongwei Want His Children to Know|url=https://www.esquiremag.ph/culture/books-and-art/what-does-lance-gokongwei-want-his-children-to-know-a1590-20161215-lfrm |access-date=2022-11-02 |website=esquiremag.ph}}
References
{{Reflist}}
External links
- [https://www.forbes.com/profile/lance-gokongwei/?sh=44a479d550ca Lance Gokongwei] profile on Forbes
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Category:Filipino billionaires
Category:Filipino business executives