MANILA, AUGUST 14, 2013 – Jollibee Foods Corporation (JFC) has passed the leadership baton to Ernesto Tanmantiong, its chief operating officer, who will oversee the local food giant’s bid to become a global brand.
Tanmantiong will replace his older brother Tony Tan Caktiong as chief executive officer. Caktiong led the Philippine food conglomerate since its founding 35 years ago.
The elder brother passed the CEO reins to Tanmantiong on becoming a senior citizen last month. However , Tanmantiong will only assume office in July 1, 2014, while Caktiong will remain as chairman of the corporation.
Tanmantiong has been leading JFC’s local and overseas expansion as the chief operating officer since 2012. His rise to the top comes as JFC plans to expand its footprint to Europe in three years’ time in its quest to become a global brand, according to a BBC report.
JFC, which today encompasses fastfood brands Jollibee, Chowking, Greenwich Pizza, Red Ribbon, Mang Inasal and Burger King Philippines, saw net profits surge 32.7% to P2.1 billion in the first half of the year. Its net profit for second quarter alone increased by 32.4% to P1.2 billion while its annual return-on-equity reached 19.2%.
In late July’s 4th CMO Asia awards, JFC also won recognition for excellence in branding and marketing.
Its flagship brand Jollibee has 787 operating stores in the Philippines and 94 locations overseas, including 26 stores in the US.