The Andrew Tan-led property developer said in a regulatory filing on Tuesday, November 3, that its board approved the appointment of Hernandez, 57, as part of a leadership transition.
Coates will formally retire on December 31, with both executives working together in the meantime to ensure a smooth handover.
An industry veteran takes over
Hernandez brings more than 30 years of experience in commercial property, retail, hospitality and tourism, most recently serving as vice president overseeing the office and leisure businesses of Ortigas Land.
He previously held senior positions at Ayala Land, including president and chief executive officer of AyalaLand Hotels & Resorts Corp.
A growing mall portfolio
Hernandez takes charge of a mall business that generated P3.6 billion in rental income during the first half of 2026, up 8 percent from a year earlier, with occupancy reaching 95 percent.
Megaworld's malls attracted an average of 393,000 visitors daily, up 44 percent, although average spending per visitor declined 4 percent to P661.
The next phase
Under Coates, Megaworld expanded its retail portfolio and attracted international brands, with recent openings including MUJI at Eastwood City and Wolfgang Steakhouse at Festive Walk Iloilo.
Hernandez will oversee the next phase of expansion as Megaworld works toward doubling its retail space to one million square meters by 2030.
—Edited by Miguel R. Camus
