PSE names new chairman, president

The Philippine Stock Exchange (PSE) board of directors in its meeting Wednesday named lawyer Cornelio Peralta as chairman and Hans B. Sicat as president and CEO of the exchange. Peralta, 77, is a member of the PSE board in 2004-2008 and in 2010. He has been an independent director of the PSE for several years and is also chairman of the Market Integrity Board, which exercises regulatory oversight and review powers over the exchange's Market Regulation Division, the PSE said in a statement. He was also president and chairman of Kimberly-Clark Philippines, chairman and CEO of the University of the East, and presently a trustee of the University of the East and of UERM Memorial Medical Center. He is a member of the board of governors of Makati Commercial Estate Association Inc. and a member of the board of advisers of Philippine Airlines. He is also a director of JG Summit Holdings Inc., Wan Hai Lines Inc., Grow Holdings Inc., and the Securities Clearing Corp. of the Philippines. He worked as an associate attorney at the Crispin D. Baisas Law Office and later became a lawyer for Insular Life-FGU Insurance Group. Peralta finished his Bachelor of Arts and Bachelor of Laws at the University of the Philippines. He then enrolled in an advanced management program at Harvard Graduate School of Business. Sicat, 50, served as chairman and independent director of the PSE since May 2009. Prior to joining the PSE, Sicat was an investment banker for 22 years. He was with the predecessor firms of Citigroup — Salomon Brothers, Salomon Smith Barney, and Citicorp Investment Bank — based in New York, Hong Kong, and Manila. He was involved in a wide range of capital markets and M&A transactions in OECD (Organisation for Economic Co-operation and Development) and emerging markets. Sicat is the non-executive vice chairman of LegisPro Corporation which is focused on legal process outsourcing. From the University of the Philippines, he earned a Bachelor of Science degree in Mathematics and Master of Arts in Economics. He has also finished coursework for the Doctorate Economics Program at the University of Pennsylvania. “I am honored that the Board has placed its trust in me. I am aware of the enormity of the challenges and responsibilities ahead. I look forward to working with all stakeholders in addressing the twin major challenges facing the Philippine market… limited liquidity, and good corporate governance," Sicat said. — VS, GMANews.TV