Kaya pala sumibat sa Max’s: Jojo Concepcion hands over CEO post in family business to Ariel Fermin

The Concepcion family has tapped an outsider to lead its white appliance business which has been in a slump since the coronavirus pandemic broke out three years ago.

Raul Joseph A. Concepcion, chairman of Concepcion Industrial Corp. (CIC), is stepping down from his role as CEO, with seasoned executive Isaias Ariel Fermin taking over starting January 1, 2024.

“This decision marks a pivotal moment for CIC, demonstrating our unwavering commitment to strengthening our corporate governance framework. We believe in separating the roles of CEO and chairman to ensure the highest standards of leadership within our organization,” stated Concepcion.

At 61 years old, Concepcion has held the positions of Chairman and CEO of CIC since 2008 when his father, industrialist Raul Concepcion, stepped down.

Fermin, who resigned as President of Max’s Group last June after only 18 months in the role, faces a substantial workload ahead of him.

Profits of CIC have tanked by 84 percent to P154 million in 2022 from P947 million in 2019 even though sales have fallen by just 13 percent to P13.175 billion during the period.

Concepcion said Fermin was an “ideal fit” as CIC’s CEO.

Aside from Max’s, Fermin has held senior leadership roles in Jollibee Foods Corp, PLDT, Procter & Gamble, Coca-Cola, Unilever and Nike.

Fermin expressed his enthusiasm for creating “happy spaces” with CIC and nurturing the family’s legacy.

ALSO READ:

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

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