LISTED 8990 Holdings, Inc. said its board has appointed Gwen Lourdes G. Lim as an independent director effective Monday.
Ms. Lim fills the vacancy caused by the resignation of Vittorio P. Lim, 8990 Holdings said in a stock exchange disclosure.
On Oct. 29, Mr. Lim officially vacated the role due to government requirements on the qualifications of independent directors.
Ms. Lim is currently the vice chairman of Southeastasia Retail, Inc. (SEARI), a role she has served since September 2022.
SEARI operates the membership retailer chain Landers Superstore.
She was previously the president of SEARI from February 2015 to August 2022.
8990 Holdings said Ms. Lim has more than 34 years of experience in the local retail industry, with previous positions in SM, Pricesmart Philippines, and S&R Membership Shopping.
For the first nine months, 8990 Holdings saw a 24% decline in its attributable net income to P4.71 billion from P6.2 billion in 2023.
The company’s revenue dropped by 8.4% to P15.68 billion from P17.12 billion last year.
On Monday, 8990 Holdings shares rose by 1.05% or nine centavos to P8.69 per share. — Revin Mikhael D. Ochave
