Uy takes over helm at 2G0

MANILA, Philippines - Businessman Dennis Uy is now president and chief executive officer of logistics giant 2GO Group Inc., ending months of tedious courtroom battle between him and the Tagud-led management.

His entry in 2GO expands his footprint in the lucrative and increasingly popular logistics industry as he revealed plans to consolidate his stake in the company with his shipping businesses under Chelsea Logistics Corp.

Uy replaced Sulficio Tagud Jr. who retired after serving as president and CEO of 2GO since December 2010.

The appointment of Uy as the new man at the helm of the company and his appointment as director of the board in February marked a major boardroom shake-up which also saw the entry of SM Group executive and Frederic Dybuncio as new director.

During the board meetings of 2GO and its parent firm Negros Navigation Co. (Nenaco) Inc. on Friday, Tagud resigned as director of the board, together with Jeremias Cruzabra who served as director since 2010 and Jose Amor Amorado, who was elected director of the company in February.

The board, meanwhile, elected Dybuncio as new director. He has been an EVP at SM Investments Corp. since 2011 and president and CEO of Belle Corp. from April 2013 to 2017.

The board also elected Ma. Concepcion de Claro who was formerly with Petron Corp. and Laurito Serrano, a certified public account as new directors.

Uy,  the founder, president and CEO of Phoenix Petroleum, has long been looking for lucrative investments for his holding company Udenna Corp., the parent company of Phoenix Petroleum and Chelsea Logistics Corp.

“We are committed to bring 2GO to new heights,” Uy said.

He thanked Tagud for making 2GO resilient and stable than ever.

The aggressive 43-year-old businessman, whom observers consider as among the country’s young tycoons, was just 29 when he started his oil business in Davao.

He is known to be an ally of President Duterte who appointed him as presidential adviser for sports.

In 2006, he entered the logistics sector through Chelsea Shipping to support the operations of Phoenix Petroleum. The shipping company has since grown to become the country’s third largest last year in terms of gross tonnage.