Bilyonaryo - Business

Anyare? Ariel Fermin quits just 18 months after being named Max’s president

June 13, 2023

Bilyonaryo.com

The former president of Greenwich and Chowking is departing from the Max’s Group of restaurants just a little over year into his top post.

MAXS announced that Ariel P. Fermin is resigning as president effective August 31.

In its disclosure, MAXS revealed that Fermin was quitting due to “retirement” even though he was only 55 years old.

Ariel Fermin promoted to president from COO of Max’s Group

In a separate statement, MAXS said Fermin’s exit was part of “changes to re-align its focus on its customers.”

Fermin assumed the president’s post from CEO and part-owner Robert Ramon F. Trota in December 2021. Trota will take over as president.

Under Fermin’s watch, MAXS profit jumped 37 percent to P618 million in 2022 and by 72 percent to P77.4 million in the first quarter this year.

But its 2022 profit is still 15 percent below its pre-pandemic net income of P724 million in 2019.

MAXS chairman Sharon T. Fuentebella thanked Fermin, who was MAXS COO before he was promoted to president, for helping the company “beat the odds during the pandemic” and “refined the model for our existing business and established new opportunities in a fast-growing food retail category.”

MAXS owns Max’s Restaurant, Yellow Cab Pizza Co., Pancake House, Krispy Kreme, Jamba Juice, Teriyaki Boy, Sizzlin’ Steak, and Dencio’s.

Related News Tags: Ariel P. Fermin, Chowking, Greenwich, howking, Isias Fermin, Ramon F. Trota

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