The Philippines’ second wealthiest man according to Forbes, John Gokongwei Jr, has retired as chair and CEO of Robinsons Retail Philippines.
Robinsons Retail covers supermarkets and household brands such as Toys ‘R’ Us, True Value and Mini Stop.
Gokongwei, who will turn 90 on August 11, had announced plans to retire and focus on charity work when he reaches 90.
Gokongwei was born in China to Filipino parents, and arrived in Cebu when he was one year old. He started his multi-billion dollar retail and property empire in the province south of Manila by trading goods using a bicycle and a small boat off the pier of the province.
His only son Lance Gokongwei, 49, will take his place, while his brother James Go remains as vice chairman.
Robinsons Retail reported a net income of P3.1 billion ($67 million) in the first nine months of 2015, up 18.8 per cent year on year as net sales rose 12.7 per cent to P63.3 billion.
As of the end of September in 2015, Robinsons Retail had a total of 1466 stores, with 208 new stores, a 10.7 per cent increase in gross floor area to approximately 939,000 sqm over a year ago.
