“Don’t be afraid to take risks. Live out your dreams. Be adventurous. Do your own thing. Do what you want to do. Be who you want to be. Do it.”
This is the parting shot of Lance Yu Gokongwei, president and chief executive of JG Summit Holdings Inc. in a letter to his children, Hannah and Jacob.
In that very intimate missive, Lance lengthily talks about the family gathered around the table for dinner, a time-honored tradition held sacred and handed down from one generation to another.
He also poignantly recalls family gatherings when their parents, John Gokongwei and Elizabeth Yu, were still around.
“Now that all of his children—your aunties and I—are married with children of our own, Angkong and Ama make sure we are all together for lunch every Sunday. That’s when we share stories with each other about what is happening in our lives. That’s when we get helpful tips or give advice to each other.”
Lance, born in November 1966 in Manila, is the hijo unico of tycoon John Gokongwei Jr. He and his sisters—Robina, Marcia, Lisa, Hope and Faith—are listed among the richest in the country. He is married to Mary Joyce Leong.
Lance attended Xavier School, but completed his high school education in Singapore. He graduated summa cum laude from the University of Pennsylvania in 1988, with a double degree in Finance and Applied Science.
Lance joined the family business as a management trainee at Universal Robina Corp. (URC), rose through the ranks and was named general manager of URC’s branded food business in the late 1990s.
He built his career from the ground up, starting by selling packed snacks to groceries and sari-sari stores, using an old Datsun sedan with a messed-up air-conditioner and was getting P2,000-monthly stipend.
Through the years, perseverance paid off handsomely as he scaled the corporate ladder.
Among his notable achievements was the introduction of C2, a ready-to-drink tea that gave the mainstream soda products a run for their money.
In 2013, Lance was appointed chief executive of URC and forged partnerships with Calbee (Japan) and Danone (France) for potato chips and beverages.
He also spearheaded the acquisition of New Zealand-based cookie maker Griffin’s Foods for $609 million.
In 2021, URC acquired Malaysia’s Munchy Food Industries for $454 million, making it the nation’s leading biscuits manufacturer.
Lance was tasked by his father to put up Cebu Pacific Air, a budget airline that took off in 1996.
Unfortunately, one of its planes crashed in 1998, killing all 104 people on board. The accident failed to deter Lance’s determination, and Cebu Pacific eventually became the Philippines’ largest airline in 2010.
In December 2022, Lance stepped down as president and CEO of Cebu Pacific, leaving behind a legacy of growth and success.
Among his accolades are Finance Asia’s Best CEO in 2015 and 2018 and Institutional Investors’ Best CEO in 2015.
Apart from his business pursuits, Lance is also a big fan of philanthropy.
As chairman of the Gokongwei Brothers Foundation, Lance set in motion programs supporting the fight against COVID-19 and helping underprivileged communities.
The foundation reinforced its commitment to community empowerment and nation-building, with more than 2,500 scholars and 1,300 graduates under its wings. It has supported over 30,000 community teachers over the past 30 years.
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