The company, led by the Roxas and Elizalde clans, said the board received Lipana’s resignation letter on December 26.
It confirmed earlier discussions on her decision to step down for personal reasons, including the need to focus on her husband’s health and her election as president of the Institute of Corporate Directors for 2026.
Lipana was appointed on May 16, 2025 as an independent director, replacing Gerardo C. Ablaza Jr. She brought with her deep experience in corporate governance, audit, and financial oversight.
She concurrently serves as lead independent director of SM Investments Corp. and sits on the boards of OceanaGold (Philippines), Inc. and Flexo Manufacturing Corp. She also holds leadership roles in major business and governance organizations.
Lipana is best known as one of the Philippines’ most respected audit and corporate-governance leaders. She previously led Isla Lipana & Co., the local member firm of PricewaterhouseCoopers, where she served as chair and senior partner.
—Edited by Miguel R. Camus
