His other. Gokongwei married Mary Joyce "Jay" Leong in a wedding ceremony in Hawaii in 2000. He is survived by his wife of 61years Elizabeth, and children Robina, Lance, Lisa, Faith, Hope and Marcia; his in-laws and grandchildren; brothers Eddie and James Go, sister . A decade later Lisa would launch Summit Media, this time acquiring no newspapers, just nonpolitical magazines and websites. Hes not there, but hes there, says Robina. Johns family is now in charge of more than $20 billion of the total market capitalization for all the companies owned by them. And now at your old age to tear away from it, its very hard.. Together the brothers expanded into new business ventures as the elder, intuitive Gokongwei saw opportunities and James kept a detailed eye on the balance sheet, R&D and quality control. We need to slug it out." July 20, 2020. In 1961, he established Consolidated Food Corporation (later known as CFC Corporation, which later merged with Universal Robina Corporation), which launched its instant coffee brand Blend 45. But fambiz can succeed despite the odds, according to fambiz expert Dr. Queena N. Lee-Chua. Love your country. Currently, I work with the best and funniest team Ive ever met, and thanks to them, we made Angkong let out the biggest smile in the world before he finally passed on. I was one year old when I came here to Cebu from Fujian, south China. Elizabeth had actively supported her husband in all his endeavors. Were not there yet, like Alibaba. The company is the second-largest multi-format retailer in the Philippines. Initially, he dealt in second-hand goods imported from the U.S., but after his family joined in, he started dealing in beverages and cigarettes, too. He then finished his last two years in Singapore. Under Big Johns leadership, he launched Universal Corn Products (now Universal Robina Corporation), Consolidated Food Corporation (later CFC Corporation), JG Summit Holdings, Cebu Pacific Air, Robinson Retail Holdings, and more. . However, following his fathers death, John and his family lost all their wealth. Thus, in his teens, he began trading on the streets of Cebu. I used to visit Angkong a lot at the office when i was still in school. He had been Executive Vice President of JGSHI and was elected President and Chief Operating Officer effective January 1, 2002. JG Summits legend is well known among the firms 35,000 employees: Gokongwei, the eldest of six children, grew up well-off in an ethnic Chinese family in Cebu, where his father owned a chain of movie theaters. They were the victors at the time.. In 1961, John Gokongwei launched another company, Consolidated Food Corporation (later renamed CFC Corporation). Gokongwei was born in Fujian province, southern China, as a fourth-generation scion of a rich family whose great-grandfather was the immigrant tycoon and Cebu Chinese community leader Pedro Gotiaoco. He never gave up in what he believed in, always took risks, and continuously learned new things. [9], In the late 1990s, Gokongwei became general manager of Universal Robina's branded food business, where he led the development of beverages. Much later, in 1977, he obtained an MBA degree from the De La Salle University in Manila. I was really shocked that someone who was 78 could beat me in swimming. [7] In 2004, the company introduced C2, a ready-to-drink tea that went head-to-head with foreign cola companies that dominated the beverage sector in the Philippines. Analytical cookies are used to understand how visitors interact with the website. He tried to ask for a loan from several banks but to no avail. At least I had some suits and education," says Gokongwei. John died on November 9, 2019, at the Manila Doctors Hospital, Manila, Philippines. But one in particular made me pause and reflect. By the time the U.S. retook control of the Philippines, he had saved enough to travel to America for secondhand goodsused shoes, used clothing, used newspapers, any used remnantsto sell at a small storefront he rented in Cebu. He graduated valedictorian. His inspiring story from riches to rags to riches is something that we can learn from. Back then, when I used to work for Shell, he told me that he really wanted to see me join the business before he passed away. On his mothers side, his grandfather was the immigrant tycoon and Iloilo Chinese community leader Pedro Marquez Lim. These days she fusses after him. Culture Gokongwei's eldest apo on how he gave his Angkong the biggest smile just before he died "He taught us everything that we needed to know," said eldest Gokongwei grandchild Justin Pe yesterday in his eulogy for his grandfather. I was only six months old when our father died. At the time of his death, John was the third-richest man in the Philippines, according to Forbes. This story appears in the Septemper 12, 2016 issue of Forbes Asia. The Chippy pillow was a product that we sold at Toys R Us last year, along with the Chiz Curls pillow. He then finished his last two years in Singapore. His presence is very much felt., Where John usually is, instead, is at home with the woman he married 58 years ago, as he was plying the import trade in his native Cebu, pre-JG Summit. John Gokongwei Jr. We have to look for opportunities if we're going to survive the next 50 years. My mom only spoke half of it in her eulogy three days ago. The Gokongwei Family in Cebu, 1938. He told me it was the least he could do for someone who had done so much for the Philippines. Im thinking of advising them to look into digital, he says. By 1957, seeing that trading would always have low margins[5] and would always be dependent on government policies, the family concern shifted towards manufacturing. By continuing to browse the site, you are agreeing to our use of cookies. Why do I almost always write about my life? The Gokongwei family, listed by Forbes Magazine as one of the country's wealthiest, officially launched the Gokongwei Group master brand that will embrace all the diverse businesses in their portfolio which includes some of the Philippines' top corporations. https://investment.fwd.com.ph/experts/asia-s-business-leaders-and-what-we-can-learn-from-them. John Gokongwei was married to Elizabeth Yu from 1958 until his death in 2019. Among the timeless business lessons we can learn from Big John is to realize the true meaning of being an entrepreneur. UIC controls Singapore Land, one of the biggest property landlords in Singapore. Do you know that his nickname in Hokkien (south Fujian dialect) was Iya? The Gokongwei family at one of their family gatherings in the 1980s. The book also included the Nine Rules of achieving success in business that John had followed. This page was last edited on 28 January 2023, at 21:04. Her name was taken from her father's second name, Robinson. We were in Rome, Italy then, it was just house coffee and tasted so bitter. As for himself, he says its time for him to enjoy life and focus on philanthropy. It includes companies such as snack food and drink producer Universal Robina, shopping centers Robinsons Malls, and everyone's favorite budget airline Cebu Pacific. He quickly disagreed, saying: No, were different. [5] He went to Xavier School for his first two years of high school. I admired them as inspiring business heroes who are positive role models for their Confucian values, entrepreneurship and philanthropy. He is also survived by wife Elizabeth and daughters Lisa, Robina, Faith, Hope and Marcia. Tweet John Gokongwei Jr. Love your family. [14], In December 2022, Gokongwei announced his resignation as President and CEO of Cebu Pacific. This cookie is set by GDPR Cookie Consent plugin. John Gokongwei Jr. came from a wealthy clan in Cebu but they lost everything because of world war 2. John's great-grandfather, Pedro Gotiaoco, was among the original rags-to-riches stories in the Philippines. Gokongwei's youngest brother, JG chairman, James Go received 174,942 shares. To our beloved Angkong, the one true genius, extraordinary family man, and philanthropist, thank you for everything. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. John was only 20 back then. Lance is the president and CEO of JG Summit. Below is a letter Lance wrote for his two children, Hannah and Jacob, sharing the greatest lessons he learned from his father. In Lances mind, too, there were certain expectations., Earlier this year newly elected Philippine President Rodrigo Duterte floated the idea of Lance taking a post in his administration. The discussion ended with that, no resolution, just an exchange of positions and shortly after Mr. John left the room my father sat down with me, had a few more glasses of whiskey and told me that I have to remember that at one point it would no longer be about the money.. Careers In this collection of the most popular pieces from . He was 93. In 2010, the airline went through a huge re-fleeting operation. I dont know another Philippine company that has lasted three generations, except for Ayala, he says. In the early 1950s, John started importing cigarettes and whiskey, too. She used to be in the corporate world for a decade but followed her heart and became a writer. He checks his Bloomberg Terminal at home each weekday and has been weighing what JG Summit should do next. Fortunately, he found the light at the end of the tunnel when China Banks Dr. Albino Sycip gave him a P500,000 loan. All Rights Reserved. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. nullity of amended by-laws, cancellation of certificate of filing of amended by- laws, injunction and. I admired and liked him very much. On Gokongweis pioneering heavy industry project of petrochemicals for the Philippines, Go said: One of our guests last night found out that I was handling petrochemicals and told me this was Mr. Johns baby and he was very proud of it. You may have passed away, but your legacy will live on. damages with prayer for a preliminary injunction, against the majority of the members of the Board of. . I couldnt have said it any better. Taipan John Gokongwei continues to shower his family with his generosity three years after passing away at the age of 93. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply of business and investment holdings across the Filipino economy, including shipping, telecommunications, retail, financial services, petrochemicals, utilities, aviation, food, beverages, and livestock farming. - A A +. But as for the second question, Ill get to that much later. So, he saved up and was able to reach nearby towns to sell it. John Gokongwei Jr. died on November 9, 2019. At the end were good soldiers., As the only son Lance was groomed to take over the business. We were left with practically nothing, except a good name, says Gokongwei. Gokongwei was born in Manila, as the second of six children. At the age of 93, Big John died surrounded by his family at the Manila Doctors Hospital on November 9, 2019. Still, in 1999 president Joseph Erap Estrada filed a 101 million pesos ($2.6 million then) libel lawsuit against the familys Manila Times, then run by Robina, after the newspaper called Estrada an unwitting godfather for approving a disputed power contract. Gokongwei is married to Jay Leong. [13], "Our world seemed to turn upside-down," Gokongwei said, as he faced the greatest challenge of his career. Back then, when I was a little boy, Angkong always beat me in swimming. Robina recalls her fathers booming voice waking her up early during school summers she worked at Robinsons warehouse tagging clothes. As the business morphed in size and scope, the brothers found their ways complementary and the payoff substantial. He liked to take care of the family, the company and people.. He was great, very human and inspiring. By 1944 hed entered what he calls the batel age, when he broadened his inventory and used the wooden boats to trade goods in Manila, reclaiming more of his great-grandfathers legacy. I told my son that he should study well and work very hard, or else an enterprising immigrant youth now in 168 Mall might someday take over that seat of yours.. He took a loan of 500 thousand pesos from Albino Sycip, who was the chairman of China Bank back then, and Dee K. Chiong. Copyright 2023. The company imported flour, fruits, onions, used clothes, old newspapers, and magazines from the U.S. Her twin sisters, Faith and Hope, each have management roles there. We have to look for opportunities if were going to survive the next 50 years. Johns group also included Robinsons Land Corporation and Robinsons Retail Holdings, Inc. On August 11, 2016, which was also Johns 90th birthday, he declared his retirement from all the functions of JG Summit. Gokongwei denies that he expected succession from his kids, but the eldest children remember differently. The family would shuttle back and forth between China and the Philippines, but the fortune was lost when Gotiaoco's grandson, John Gokongwei Sr. passed away prematurely. This cookie is set by GDPR Cookie Consent plugin. Front row: Daughters Faith and Marcia Photo by FROM T&C PH. Banks seized their properties, and they fell into poverty. [12] His only son, Lance, currently leads the group as president and CEO of JG Summit. [6] She had also been a founding member of the Robinsons Department Store and had served on the board of trustees of the Gokongwei Brothers Foundation (GBF). Gokongwei married Elizabeth Yu in 1958 and had six children (one son and five daughters) Lisa, Robina, Lance, Faith, Hope and Marcia. Well look at the financial statements for you, Lance on dad John Gokongwei: Why he always had food in his pocket and loved to fly cheap, /ancx/food-drink/recommended-bars/03/02/23/a-jazz-bar-just-opened-inside-makati-cinema-square, /ancx/culture/art/03/01/23/kids-of-top-artists-showcase-works-alongside-their-dads, /ancx/culture/spotlight/02/28/23/a-first-look-at-lazadas-new-cafeteria-style-office-in-bgc, /ancx/culture/spotlight/02/28/23/cebu-pacs-smile-mag-is-back-with-new-younger-design, /ancx/style/necessary-style/02/27/23/the-union-x-jordan-1-low-ajko-collab-is-a-crowd-pleaser. We also use third-party cookies that help us analyze and understand how you use this website. Justin replied: He said, Id rather you be a nerd. John and Elizabeth had first met when John was still a small-time importer of second-hand goods and owned a tiny store in Cebu. It was at this moment that I realized that we had lost more than an uncle and a boss; sometimes we are just too close to the situation that we dont see the forest for the trees. Petitioner Gokongwei, a stockholder of the San Miguel Corporation, filed a declaration of. Contact Us He recalls bowing to the imperial soldiers. Privacy He built a massive empire consisting of businesses in sectors such as food, beverage, clothing, aviation, telecommunications, banking, energy, petrochemicals, and livestock farming. "We need blood and sweat and hard work to make the Philippine economy compete globally, for our family businesses to be world class in this era of globalization. His grandfather was a wealthy immigrant from China who became the patriarch of a clan that now controls some of the largest companies in the Philippines. In November 1990, Gokongwei incorporated JG Summit Holdings as a publicly listed holding company. Mrs. Gokongwei was characterized by her children as a selfless mother who always put her family first and described her as the reason behind John Gokongwei's success. Within six months, he says, he managed to drive the price of cornstarch down by 50%. Around then Gokongwei advised brother James, 13 years younger and a gifted student, to go study in America, and hed foot the bill. But opting out of some of these cookies may affect your browsing experience. In July 2014, Universal Robina acquired Griffin's Foods from Pacific Equity Partners, a New Zealand food company for $609 million. Justin smiled, saying: We talked about coffee and dating. From left to right: Henry, Johnson, Juanita, Edward, John Sr., John Jr., and Lily Christina. Indeed, for the don of JG Summit, retirement remains an unnatural act. The Bachelor of Science in Management major in Communications Technology Management Program is a 4 year degree (including 3 summer semesters) program of the John Gokongwei School of Management. Left with no choice but to survive, young John had to start from scratch to build a better life for himself and his family. Ten years later, he completed Harvard Business Schools 14-week advanced management program. Business News Philippines 2023. Using a small boat, he would trade goods from Cebu to Manila and vice versa. They later had 12 grandchildren. Gokongwei's only son, Lance, is its chief executive officer. John Gokongwei Jr., fondly called Big John, passed away in 2019, but his legacy and business lessons continue to inspire other entrepreneurs. When your age hits 70 sometimes you feel totally ignorant, no matter how intelligent you used to be. [6] San Miguel Corporation was a big customer of theirs. None of the events that happened in our familys lives would have happened without you. . In 1958, John and Elizabeth got married and had six beautiful children: Robina, Lance, Lisa, twins Faith, Hope, and Marcia. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply of business and investment holdings across the Filipino economy, including . Mr. John Gokongwei, Jr. November 14, 2019. He queried in Hokkien: Do you think I can still work up to 90? Many people dream of retiring early, while this hardworking entrepreneur was asking if he could still work up to 90! He said, Choose to be an entrepreneur because then you desire a life of adventure, endless challenge, and the opportunity to be your best self.. Go told Usapang Bilyonaryo how his beloved Uncle John made sure he had options in a media career after seeing how he loved writing in college. His nephew Patrick Henry Go, president and CEO of JG Summit Petrochemicals Group, shared a memory of witnessing an animated late afternoon meeting between his late dad Henry Go and Gokongwei on whether to further expand their diverse businesses. John L. Gokongwei, Jr. lived a full and accomplished life, entrepreneurship was his lifelong passion and it was not about the money. Among Gokongweis proudest achievements is JG Summits entry into the airline business, whose success he credits to his son. Complementary and the payoff substantial look for opportunities if were going to survive the 50. Learned from his kids, but hes there, but the eldest children remember differently is a letter Lance for... Father & # x27 ; s second name, says Gokongwei second question, Ill get to that much,! Owned a tiny store in Cebu but they lost everything because of world war 2 and magazines from the.! A tiny store in Cebu but they lost everything because of world war 2 a letter wrote... 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