Pilipinas Shell Petroleum Corp. said Tuesday Cesar Romeo is stepping down as executive director, president and chief executive effective Nov. 30 this year.
The company said in a disclosure to the stock exchange that Lorelie Osial would succeed Romero effective Dec. 1.
Osial is the vice president for finance process expenditure at Shell Shared Services (Asia) B.V. and has 20 years of experience with Shell. She previously worked at United Logistics and Pepsi Cola.
Osial joined Shell in Upstream Philippines and since then worked in various business-facing finance roles in production, projects, regional, shareholder and joint venture environments in Upstream and Midstream Asia, Middle East and North Africa.
Romero will stay on until Jan. 31, 2022 to ensure a smooth and streamlined transition and handover to Osial.
Pilipinas Shell also disclosed that Randolph Del Valle, vice president for mobility would replace Rolando Paulino Jr. who left the group on Sept. 8.
The board also approved the contracts of the corporation with Shell International Eastern Trading Company, the trading arm of the Shell Group, after a favorable endorsement from the related party transaction committee.
Pilipinas Shell posted a P2.2-billion net income in the first half, rebounding from a P6.74-billion net loss in the same period last year, driven by the recovery of marketing businesses as the government rolled out initiatives to reopen the economy, including its vaccination programs.
“The company reported a net income of P2.2 billion as a result of strong marketing delivery supported by inventory holding gains net of the offsetting adjustments from the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act or CREATE bill,” Pilipinas Shell said.
The company posted a net income of P1.199 billion in the second quarter, a reversal of the P1.195-billion net loss suffered in the same period last year.
“We’re seeing a significant rebound from our P6.7-billion loss in the same period last year. It validates our bold decision to transform the way we do business amidst uncertain conditions resulting from the Covid-19 pandemic,” said Romero.
The company posted sales of P82.232 billion in the first six months, up from P74 billion in the same period last year on higher pump prices and strong marketing delivery.
Pilipinas Shell attributed the strong showing in the first six months not only to supply chain strategy but also to its strong marketing performance, while ensuring the financial strength and resilience of its business via a strong balance sheet and prudent cost and capex management.
Pilipinas Shell inaugurated the Shell Import Facility Tabangao on June 30, marking the transformation of its refinery into a world-class import terminal to meet fuel demand in Metro Manila, Southern Luzon and Northern Visayas.
The company approved a capital budget of P3 billion to 4 billion this year, bulk of which will be allocated for establishment new mobility service stations and growth projects and the improvement of supply and distribution facilities.
