The millennial heirs of the Lorenzos and Cojuangcos are taking their seats in the boardroom of their joint sugar company located north of Manila.
During a special stockholders’ meeting on May 17, the Lorenzo brothers, Martin Diego and Mateo Rafael, as well as Pedro Francisco B. Cojuangco, were elected as directors of Central Azucarera de Tarlac (CAT). This move fills up the vacant seats on CAT’s nine-member board.
Diego and Mateo are the sons of Martin Ignacio P. Lorenzo, the chairman and CEO of CAT, who previously managed Del Monte Philippines, Pancake House, Dencio’s, and Teriyaki Boy.
At 32 years old, Diego serves as the CEO and co-founder of Starbreaker, the parent company of Pick-Up Coffee, which recently raised $40 million in new funding.
Mateo, aged 31 and married to actress Erich Gonzales, is a director of the family’s First Lucky Holdings and Restaurant Concepts Group (Barcino and Meat Depot). Both Mateo and Diego graduated from Ateneo de Manila University and Wharton, following in their father’s footsteps.
Pedro, also 31 years old, serves as the COO of Tarlac Distillery and is the son of CAT’s president and COO, Fernando Cojuangco.
The Lorenzos hold a 43 percent stake in CAT, while the Cojuangcos own 41.5 percent of the company.
