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San Miguel official steps down

San Miguel, the Philippines“ top food and beverage firm, announced the first week of March that its president and chief operating officer had retired – just when the conglomerate was to welcome its f…

San Miguel, the Philippines“ top food and beverage firm, announced the first week of March that its president and chief operating officer had retired – just when the conglomerate was to welcome its first major foreign investor. Francisco Eizmendi“s retirement comes as San Miguel undergoes management changes. San Miguel said Mr. Eizmendi“s successor has yet to be appointed, but the retired president will serve as a consultant to chairman and chief executive Eduardo Cojuangco. Eizmendi started in San Miguel as a quality control engineer in 1956. He eventually rose to the managerial ranks and was senior vice president and chief operating officer until his appointment as president in 1987. Analysts said Mr. Eizmendi“s retirement will have little impact on San Miguel. They said major policies and strategies are primarily determined by Mr. Cojuangco and Vice Chairman Ramon Ang.

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