Panganiban did not get a new term as RLC reduced its board seats from 11 to nine. The 11th board was held by the late bilyonaryo John Gokongwei.
The move is meant to align RLC board seats with other Gokongwei firms which have nine board seats.
Fortunately, Panganiban, who has been on RLC’s board since 2008, found a new gig at JG Summit as its new independent director.
Like Panganiban, Gokongwei group lifer, Emmanuel C. Rojas, Jr., also exited RLC and moved to JG Summit as a director. His RLC seat was taken over by URC EVP Bienvenido S. Bautista.
The eight other RLC directors are president and CEO Frederick Go, James L. Go, Lance Y. Gokongwei, Robina Y. Gokongwei-Pe, Patrick Henry C. Go, Johnson Robert Go Jr., Roberto F. De Ocampo, and Omar Byron T. Mier.