Ang will retain the title of CEO and assume the role of chair of SMC, the diversified conglomerate behind the P740 billion Bulacan Airport complex.
Given its significant business footprint, SMC is often measured by its contributions to the overall Philippine economy.
John Paul Ang will take the role of vice chair, president, and COO, the company said after its annual stockholders' meeting on Tuesday.
President since 2002
Ang, who turned 70 years old last January, was the president and chief operating officer of the P240 billion corporate giant since 2002.
The 44-year-old Paul is also the president of Eagle Cement. The construction and cement business was purchased by SMC in a roughly P110 billion deal two years ago.
Diversified conglomerate
SMC owns San Miguel Food and Beverage, Petron Corp., SMC Global Power Holdings Corp., and is the operator of toll roads such as the Metro Manila Skyway and South Luzon Expressway.
Last February, a consortium backed by SMC won the P170 billion public private partnership deal to upgrade the Ninoy Aquino International Airport in Manila.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
