Jollibee Group Appoints Richard Shin as New Chief Financial Officer
NEW JOLLIBEE GROUP CFO. Richard Shin, a seasoned finance and business leader with experience in the FMCG and Retail Industry, will be joining the Jollibee Group as its new Chief Financial Officer. Shin will be succeeding Ysmael Baysa, who is retiring after nearly two decades with the Jollibee Group.
MANILA, Philippines. 22 April 2022 – Jollibee Group, one of the largest and fastest-growing restaurant companies in the world, has appointed Richard Shin as its new Chief Financial Officer (CFO), effective May 1.
Richard Shin brings nearly three decades of financial and business leadership experience across multiple industries including FMCG, Retail and Aquaculture. Before joining Jollibee Group, Richard Shin worked as the Group CFO and Executive Committee Member of Grobest Group Holdings Limited, a Private Equity portfolio company, based in Taiwan and Hong Kong, China. Richard Shin also previously held Asia Pacific CFO positions in William Grant & Sons Singapore Pte Ltd, Ralph Lauren Asia Pacific Ltd, Bacardi Martini Asia Pacific Ltd, and leadership positions in Philip Morris International.
“As we continue our accelerated expansion, we are confident that Richard’s global experience and proven track record will help the Jollibee Group achieve its vision of becoming one of the top five restaurant companies in the world,” shared Ernesto Tanmantiong, Chief Executive Officer of Jollibee Group.
Shin is succeeding Ysmael V. Baysa, who is retiring from JFC on April 30, 2022. Mr. Baysa has been an integral part of JFC and a steady force behind the company’s growth for the last 19 years that he served as CFO. During his tenure, the market value of JFC increased 15 times from Php17B (Php 17.50 per share stock price) when he joined JFC in 2003 to Php253B (Php228.00 per share as of April 19, 2022 with a peak price of Php328.00 before the pandemic), making JFC one of the most valued restaurant companies in the world. JFC grew from a company of 4 brands with 955 stores in 2003 to 18 brands with 5,982 stores as of Q1 2022, with its international business now contributing 42% of global systemwide sales coming from only 3% in 2003.
Jollibee Group is one of the fastest-growing food service companies in the world with over 5,800 stores across 33 countries and 17 brands. To learn more about the Jollibee Group, visit www.jollibeegroup.com.