• Where resignations are ‘personal’



    WHAT ails Alliance Select Foods International Inc. (ASFII) that it was hit by a series of “personal” resignations?

    Sofio Angulo Jr., the latest executive to leave ASFII, cut short his stint as chief financial officer, treasur-er and public information officer. The company disclosed his resignation on April 5 but which will take effect on April 30.

    As in other similar postings in connection with executives’ resignations, Raymond K.H. See, ASFII pres-ident and chief executive officer, placed “personal” under the heading “reason(s) for resigna-tion/cessation” of Angulo.

    Or was it Angulo himself and other executives, who wrote “personal” their reason for leaving? Who-ever was responsible for taking the resignations too “personal” to be believed, the fact is, ASFII has lost a few executives since last year.

    In citing his qualifications, the ASFII board could have been pleased by Angulo’s curriculum vitae. A cer-tified public accountant, he “earned MBA units from the Ateneo Graduate School of Business; and was certified in risk and information systems control by the Information Systems Audit and Control associa-tion.

    “Prior to joining the company,” ASFII said, “Mr. Angulo was with Manulife Financials in Japan, where he rose through the ranks as director of internal control compliance in 2014; senior manager—expense management in 2007; assistant vice president and assistant controller in 2008; and assistant vice presi-dent—audit service in 2009.”

    The majority stockholders of Alliance Select must have seen a good hire in Angulo for his work experi-ence as “head of Manulife’s Japan audit services and statutory auditor of Manulife Japan’s wholly-owned subsidiaries, Manulife Asset Management Japan and Manulife investments Japan (mutual fund operations.)

    Angulo “returned to the Philippines in January 2015 and was appointed assistant vice president – audit services (special projects) of Manulife Philippines.”

    Other resignations
    The resignations that had happened at Alliance Select have gotten too “personal” to be taken for granted by the public investors, who trade on ASFII shares.

    Duediligencer checked available ASFII files that remain posted on the website of the Philippine Stock Exchange and found at least 10 resignations in less than two years. Among them were:

    Elmira A. Nate was appointed chief finance officer on April 6, 2015. Her appointment took effect on April 15, 2015. On July 1, 2015, she got another post, this time as treasurer. She was eventually tapped as the company’s CFO and public information officer on May 11, 2015.

    In less than a month, Nate got three appointments. Like Angulo after her, she did not last long as CFO, treasurer and public information officer. She resigned from the company on Oct. 15, 2015.

    In 2006, Herminia B. Narciso was vice president for plant operations. Then she got a “formal appoint-ment” as chief finance officer on April 15, 2015. She resigned on Aug. 8, 2015.

    Juan R. Salcedo 3rd was appointed effective Nov. 3, 2014 as vice president for international and do-mestic sales. He left on Feb. 01, 2015.

    In 2008, Randolph H. Rodriguez was vice president for marketing while Rajat Balain was VP for corpo-rate planning and, at the same time, information officer. They both resigned on Dec. 31, 2014 also for “personal” reasons.

    As information officer, Balain, who is an Indian, filed the required ASFII disclosures on resignations but eventually joined the exodus. What an irony!

    Were ASFII’s pays and perks not attractive enough for Angulo and company that they chose to leave?

    The treasurer- CFO-public information officer is among ASFII’s five highest-paid executives. The four others are Raymond K.H. See, president and CEO, who is also a member of the board; Liza Angela Y. Dejadina, senior vice president-business development and operational excellence; and Grace S. Dogil-lo, vice president-finance and compliance officer; and Edward L. Noma, assistant vice president-purchasing.

    As a group, See and company received P19.348 million in salaries and P933,000 in “other annual com-pensation” in 2013; P10.723 million and P891,000 in 2014; and (estimate only) P12.563 million and P1.147 million in 2015.

    The compensation filing showed the following pays and perks for “all other officers and directors as a group unnamed:” P36.693 million in salaries and P1.415 million in “other annual compensation” in 2013; P23.366 million and P2.109 million in 2014; and (estimate only) P25.871 million and P1.918 million in 2015.

    In a footnote to the pays and perks, ASFII said “other annual compensation” refers to “SSS premiums and medical benefits.” It added that “bonuses were not given out to said officers for 2013, 2014 and 2015.”

    Alliance Select proved to be generous to the board. In 2014, for instance, it said it paid the directors P5.333 million. The amount went only to five members of the board, or P1.067 million each, because Jonathan Y. Dee, Raymond K.H. See and Marie Grace T. Vera Cruz waived their board fees.



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