The stockholders of Vallacar Transit Inc., the country’s largest bus transport company, on Monday elected a new set of board of directors, who subsequently reelected Leo Rey Yanson as the president of the company.
In a special stockholders meeting at the company’s main office in Barangay Mansilingan, Bacolod City, the stockholders, including Yanson matriarch Olivia V. Yanson, elected Leo Rey Yanson, Olivia V. Yanson, Ginnette Y. Dumancas and Charles M. Dumancas as members of the board of directors.
Following the election of the new directors, the board held a re-organizational meeting and re-elected Leo Rey Yanson as the president of the company, the bus firm said in a statement.
Also elected were Charles M. Dumancas as vice president, Ginnette Y. Dumancas as treasurer, and Olivia V. Yanson as corporate secretary.
The board of directors also passed resolutions tasking the company’s legal team to recommend possible legal action against Ma. Lourdes Celina Y. Lopez over her P380-million outstanding obligation to the company in accordance with the audit report from SGV, and on the results of the cash, property and asset inventory audit including documents at the Main Office and South Terminal.
SGV was appointed as the corporation’s external auditors for the year 2019.
Vallacar Transit Inc. is the largest subsidiary of the Yanson Group of Bus Companies and is the company behind Ceres Liner and Sugbo Transit.
The Yanson Group, the parent company, is one of the largest bus conglomerates in Southeast Asia and operates more than 4,000 buses nationwide.
Established in 1968, the 52-year-old conglomerate founded by Ricardo Yanson Sr., the Yanson patriarch, now has a total of 18,000 employees who provide transport services to 700,000 passengers daily.
It has 15 bases of operations in the cities of Bacolod, Iloilo, Dumaguete, Cebu, Cagayan De Oro, Butuan, Davao, Pagadian, Dipolog, Bohol and Batangas.
A boardroom battle ensued on July 7, 2019 when four Yanson siblings, in a purported special board meeting, unceremoniously unseated Leo Rey Yanson as the president of Vallacar Transit Inc. Leo Rey was subsequently replaced by his eldest brother Roy Yanson.
The special stockholders meeting on August 19 effectively re-affirmed Leo Rey Yanson as the rightful president of Vallacar Transit.