GT CAPITAL Holdings, Inc. has named Francisco C. Sebastian as its new chairman, taking over the post held by Arthur V. Ty in the holding firm of the Ty family’s diversified business interests.
In a press release on Thursday, Mr. Ty said the change in the firm’s chairmanship signals the group’s “initiative and commitment to further professionalize its leadership moving forward.”
“With Mr. Sebastian at the helm, we are confident that GT Capital will continue to prosper and contribute to nation building,” he added.
Since May 2016, Mr. Sebastian has been co-vice-chairman of GT Capital while also a member of its executive committee. He has served the group for the past 25 years, starting out in 1997 as president of First Metro Investment Corp., the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank).
For 14 years, he held the same post in First Metro until he became chairman in 2011. He concurrently serves as vice-chairman of Metrobank. He is also concurrent director of Metro Pacific Investments Corp. and Federal Land, Inc.
Before joining the Metrobank group in 1997, Mr. Sebastian worked in Hong Kong for 20 years from 1977.
Mr. Ty will continue to be a director of GT Capital and the chairman of Metrobank, while concurrently holding various board positions in other companies of the Ty group.
Meanwhile, Alfred V. Ty will remain the vice-chairman of GT Capital and chairman of Toyota Motor Philippines Corp. and Federal Land.
In the media release, GT Capital said it is beginning a new decade “in the good hands of a dedicated, qualified and professional” chairman after having grown and completed its consolidation phase on the 10th year after its initial public offering.
GT Capital earlier reported a 48% increase in core net income for 2021 to P11 billion, while consolidated income grew an even higher 68%, driven by the growth in its banking and automotive businesses.
At the stock exchange, shares in the company dropped by 1.76% or P9.00, finishing at P503 each.
