JG Summit Holdings, Inc. President and CEO Lance Y. Gokongwei was recently the subject of a profile in the Singapore-based financial website, www.businesstimes.com.sg. In the article, entitled “Staying Ahead of the Game,” Mr. Gokongwei spoke about assuming the reins at the conglomerate founded by his father, John Gokongwei, Jr., his contributions to JG Summit’s growth, and the desire to continue the conglomerate’s vision, which is to make life better for every Filipino.
In the wide-ranging interview by Genevieve Cua, Mr Gokongwei reveals that he can’t recall whether there were formal succession talks with his father, JG Summit’s 92-year-old chairman emeritus, regarding eventually taking over the leadership duties, which were first passed down to the founder’s young brother, James Go, the current chairman of JG Summit Holdings. “But I do know that I was trained (for this). In an entrepreneurial family, the separation between family and business is often unclear. Often, you have discussions with friends who are also business partners or customers. I was constantly exposed to that growing up,” said Mr. Gokongwei. He added, “When I was at university, my father was already not young. He had me when he was 40. When I graduated at 21 I felt a responsibility to come back. It was not a difficult decision.”
He also spoke about the expansion of JG Summit into other industries, such as the airline industry, and the constant need for reinvention, including getting in the disruption game with business ventures like the financial services app Cashalo. “Business has changed quite a bit since our father's days. In those days the hardest part was raising capital, but it was very clear who the competition was and what the opportunity was. Entrepreneurs become successful by meeting unmet customer needs,” he said to Cua. “Today, we're operating from a much larger base. We have capital, resources and a good corporate reputation. But as the world becomes more complex, you don't know where the next competition or disruption will come from. Originally, it was globalisation, but now there are many additional risks—digital, regulatory and consumer behaviour, which is changing very quickly. I guess the key is to be adept and adaptable.”
You don't know where the next competition or disruption will come from... I guess the key is to be adept and adaptable.
While Mr. Gokongwei is pursuing the original corporate mission of making life better for every Filipino, he’s aware that the vision has now spread beyond local shores. “We want to be the foremost Philippine-based business group that operates in the region, serving a growing and more confident Asian middle class.”
He discusses how he plans to achieve that in the full interview, available here: www.businesstimes.com.sg/magazines/wealth-february-2019/staying-ahead-of-the-game.
