Despite 2020 being a rollercoaster year thus far for most businesses and industries, JG Summit Holdings’ robust financial performance in the previous fiscal year reveals the solid foundation on which the Gokongwei-led conglomerate can build upon for the years ahead.
This is reflected in the recently released JG Summit Holdings 2019 Annual Report, which, for the second year running, the conglomerate has published online. Doing away with the traditional printed annual report, the digital version is a more sustainable and environmentally friendly method of disseminating important corporate information, including the full financial statements, to its stakeholders. The online format also underscores the conglomerate’s commitment to ongoing digital transformation efforts within the Gokongwei Group.
The year 2019 was an important one for the conglomerate, as it marked the first full year of Lance Y. Gokongwei’s leadership of JG Summit Holdings as its president and CEO. With the passing of the company founder and chairman emeritus, John Gokongwei Jr., in November 2019, it also signaled the start of the next chapter in the conglomerate’s journey. “John Gokongwei, Jr.’s legacy is the starting point. The journey ahead is now the defining climb—and JG Summit is rising to that next level ascent,” reads the message on the report’s banner image.
The legacy of Mr. John is a key theme for the 2019 Annual Report, with nods to the founder embedded in the messages of JG Summit Chairman James Go and President and CEO Lance Y. Gokongwei. Also found in the digital report is a section entitled “Honoring Mr. John,” which provides readers a brief biography of the late company founder and a background on some of his most celebrated accomplishments.
To chart the course for the road ahead, now that the company’s top executives are no longer able to rely on the wisdom, oversight, and leadership of Mr. John, JG Summit Holdings has developed a long-term plan anchored on the Objectives, Goals, Strategies, and Measures (OGSM) methodology.
Under the leadership of Lance Y. Gokongwei and the guidance of Chairman James Go, the conglomerate has revisited and defined its Purpose, Values, and Ambition. To realize this, JGSHI has crafted portfolio strategies on where to play and how to win with strategic enablers.
Business unit leaders have also been given more accountability and responsibility in steering their respective segments. This move, Gokongwei said, allowed him to focus on setting the overall corporate strategy and maximizing the synergies of business units within the conglomerate.
This line of thinking is echoed by JG Summit’s chairman. In his message, Mr. James stated, “5-year roadmaps have been put in place where we have defined the visions and goals of each of the businesses, and 2020 is the first year of realizing these. In general, we aim to strengthen our positions in our respective industries as well as grow sustainably. We will also continue to develop our emerging businesses and accelerate digitalization and new ways of working that will further unlock the value of the ecosystem synergies within the group.”
To read the full 2019 JG Summit Holdings, Inc. Annual Report, click here or here.
