Jollibee Foods Corp. (JFC) said Ysmael V. Baysa, its chief financial officer (CFO) for the past two decades, is retiring by the end of the month.
In its disclosure, Baysa, 65, will retire from his post as CFO and compliance officer.
Baysa saw Jollibee’s transformation from a local fast-food brand that mainly caters to Filipino customers even in its overseas branches to what is now a company that has diverse brands.
He will be replaced by Richard Chong Woo Shin, who will take over as the company’s CFO on May 1 and Valerie F. Amante as compliance officer who will also start in May.
As CFO, Baysa is also a member of the boards of directors/trustees of Jollibee’s wholly owned subsidiaries and joint ventures including Smashburger in the United States, Coffee Bean and Tea Leaf firms in Singapore, United States and Ireland, Jollibee Group Foundation in the Philippines and several other subsidiaries in the country and China.
Baysa joined Jollibee as CFO in July 2003. Previously, Baysa was senior vice president for financial comptrollership, human resources and corporate planning of Union Bank. He was also finance director of Procter and Gamble from 1993 to 2001.
JFC said it posted a strong recovery last year, almost reaching its pre-pandemic levels in 2019 on strong overseas sales.
The company said its operating income for the fourth quarter of 2021 reached P2.5 billion, reversing its operating loss of P2.86 billion in the fourth quarter of 2020. Compared with 2019, it recorded a growth of 63 percent from an operating profit of P1.5 billion.
For the full year 2021, the company’s operating income amounted to P6.3 billion a reversal of the previous year’s loss of P12.81 billion and about the same level in 2019 or pre-pandemic operating income of P6.5 billion.