Lance Gokongwei

$1.40 B

Ranked #2020 in World

About Lance Gokongwei

Lance Yu Gokongwei, a prominent Filipino tycoon, has led JG Summit Holdings, Inc. since 2018, following in the footsteps of his father, John Gokongwei Jr., one of the Philippines' wealthiest figures. Born in Manila on November 23, 1966, Gokongwei excelled academically, earning a double degree from the University of Pennsylvania. His business acumen shone through early in his career at Universal Robina Corporation, where he launched the successful C2 beverage and expanded the company's reach into the South Pacific through strategic acquisitions. As the architect behind Cebu Pacific Air, he transformed it into the country's top airline. Under his leadership, JG Summit navigated the COVID-19 crisis effectively, reporting a substantial income surge in early 2023. Gokongwei's commitment to sustainability and education is evident in his roles with WWF Philippines and the Global Reporting Initiative, while his philanthropic efforts aim to empower a million learners and 10,000 teachers by 2025. Recognized globally, his leadership has earned multiple accolades, including Ernst and Young's Entrepreneur of the Year. Gokongwei's personal life, married with two children and an author, reflects his deep-rooted family values and business ethos.

Born

December 01, 1967 in Manila, Philippines

Age

58 years

Source Of Wealth

Diversified

Industries

Diversified

Citizenship

Philippines

Residence

Manila

Education

Bachelor of Science, The Wharton School of the University of Pennsylvania; Bachelor of Science, University of Pennsylvania, School of Engineering and Applied Science

Parent

John Gokongwei (father), Elizabeth Yu Gokongwei (mother)

Lance Yu Gokongwei was born on November 23, 1966, in Manila, Philippines. He is the only son of John Gokongwei Jr., one of the wealthiest individuals in the Philippines. Lance attended Xavier School until the second year of high school before completing his high school education in Singapore. He then went on to graduate from the University of Pennsylvania in 1988 with a double degree in Finance and Applied Science, graduating summa cum laude.

Lance Gokongwei: Family

Lance Yu Gokongwei is married to Jay Leong, and they have a daughter and a son. He is the son of John Gokongwei Jr. and brother to Robina Gokongwei-Pe, Lisa Gokongwei-Cheng, Faith Gokongwei, Hope Gokongwei, and Marcia Gokongwei.

Lance Gokongwei: Career Highlights

Lance Yu Gokongwei joined the family business as a management trainee at Universal Robina Corporation (URC). He rose through the ranks and became the general manager of URC's branded food business in the late 1990s, where he led the development of beverages. One of his notable achievements was the introduction of C2, a ready-to-drink tea that successfully competed with foreign cola companies in the Philippines.

In 2013, Lance became the chief executive of URC and forged partnerships with Calbee (Japan) and Danone (France) for potato chips and beverages. He also oversaw the acquisition of New Zealand-based cookie maker Griffin's Foods for $609 million, expanding URC's presence in the South Pacific. In 2021, URC acquired Malaysia's Munchy Food Industries for $454 million, making it the nation's leading biscuits manufacturer.

In addition to his work at URC, Lance Yu Gokongwei was tasked by his father to build Cebu Pacific Air, a new affordable airline, in 1996. Despite facing a tragic plane crash in 1998 that resulted in the loss of all 104 people on board, Lance persevered and led Cebu Pacific to become the Philippines' largest airline in 2010.

He announced his resignation as president and CEO of Cebu Pacific in December 2022, leaving behind a legacy of growth and success.

In 2018, Lance was named CEO of JG Summit Holdings, the parent company of URC and Cebu Pacific Air. Under his leadership, the company faced challenges due to quarantine measures during the COVID-19 pandemic, leading to decreased income and revenues. However, in the first half of 2023, JG Summit Holdings reported a significant increase in core net income compared to the previous year, demonstrating Lance's resilience and strategic management skills.

Lance Gokongwei: Companies

Lance Yu Gokongwei has held leadership positions in several companies, including:

Universal Robina Corporation (URC)
Cebu Pacific Air
JG Summit Holdings

Lance Gokongwei: Major Achievements

Some of Lance Yu Gokongwei's major achievements include:

Successfully introduced C2, a ready-to-drink tea that competed with foreign cola companies in the Philippines.
Led the acquisition of New Zealand-based cookie maker Griffin's Foods and Malaysia's Munchy Food Industries, expanding URC's presence in the South Pacific and Southeast Asia.
Transformed Cebu Pacific Air into the Philippines' largest airline.
Named CEO of JG Summit Holdings and oversaw the company's recovery during the COVID-19 pandemic.

Lance Gokongwei: Awards & Achievements

Lance Yu Gokongwei has received numerous awards and recognitions for his business acumen and leadership, including:

Ernst and Young's Entrepreneur of the Year in 2005.
One of Ten Outstanding Young Men in the Philippines in 2000.
Finance Asia's Best CEO in 2015 and 2018.
Institutional Investors' Best CEO in 2015.

Lance Gokongwei: Personal Life & Legacy

Lance Yu Gokongwei is known for his dedication to sustainability and philanthropy. He is a member of the National Advisory Council of WWF Philippines and serves on the board of the Global Reporting Initiative (GRI), representing the business enterprise sector. He is also the chairman of the Gokongwei Brothers Foundation, the largest private sector provider of STEM scholarships in the Philippines, with a goal to support 10,000 teachers and one million learners by 2025.

In 2016, Lance authored a book titled "Lessons from Dad, John Gokongwei Jr.," sharing insights and learnings from his father's life and business experiences.

He has also contributed to an anthology titled "Letters to My Children."

Lance Gokongwei: Trivia

Lance Yu Gokongwei is a certified pilot and enjoys flying.
He is an avid golfer and has participated in various charity golf tournaments.
Lance is known for his passion for photography and often shares his travel and nature photographs on social media.

Wealth History

Timeline

November 23, 1966

Lance Yu Gokongwei is born in Manila, Philippines.

1988

Graduates from the University of Pennsylvania with a double degree in Finance and Applied Science (summa cum laude).

Late 1990s

Becomes general manager of Universal Robina Corporation's (URC) branded food business and leads the development of beverages.

1996

Tasked by his father to build Cebu Pacific Air, a new affordable airline.

1998

Cebu Pacific Flight 387 crashes, resulting in the deaths of all 104 people on board.

2000

Named one of Ten Outstanding Young Men in the Philippines.

2005

Receives Ernst and Young's Entrepreneur of the Year award.

2010

Cebu Pacific becomes the Philippines' largest airline.

2013

Becomes chief executive of URC and partners with Calbee (Japan) and Danone (France) for potato chips and beverages.

2015

Named Finance Asia's Best CEO and Institutional Investors' Best CEO.

2016

Authors a book titled 'Lessons from Dad, John Gokongwei Jr.'

2018

Named CEO of JG Summit Holdings.

2021

URC acquires Malaysia's Munchy Food Industries for $454 million, becoming the nation's leading biscuits manufacturer.

December 2022

Announces his resignation as president and CEO of Cebu Pacific.

First half of 2023

JG Summit Holdings reports a significant increase in core net income compared to the previous year.

Lance Gokongwei : FAQs

What is Lance Gokongwei's net worth?

As of 2023, Lance Gokongwei's net worth was $1.40 billion.

What are Lance Gokongwei's main sources of wealth?

Lance Gokongwei's main source of income comes from Diversified.

In which industry does Lance Gokongwei primarily operate?

Lance Gokongwei is primarily involved in the Diversified industry.

What is Lance Gokongwei educational background?

Lance Gokongwei holds a Bachelor of Science from The Wharton School of the University of Pennsylvania and a Bachelor of Science from the University of Pennsylvania from School of Engineering and Applied Science.

How old is Lance Gokongwei?

Lance Gokongwei is 58 years old.

Who is Lance Yu Gokongwei and what role does he play in JG Summit Holdings, Inc.?

Lance Yu Gokongwei is a prominent Filipino businessman who has served as the president and CEO of JG Summit Holdings, Inc. since 2018. He is the only son of John Gokongwei Jr., one of the richest individuals in the Philippines.

How has Lance Yu Gokongwei contributed to the growth of Universal Robina Corporation?

Lance Yu Gokongwei joined the family business as a management trainee at Universal Robina Corporation (URC) and eventually became the general manager of URC's branded food business. He led the development of the C2 ready-to-drink tea, which successfully competed with foreign cola companies in the Philippines. He became CEO of URC in 2013, and under his leadership, URC expanded by partnering with international companies and making significant acquisitions in the food industry.

What significant achievements has Lance Yu Gokongwei made with Cebu Pacific Air?

Lance Yu Gokongwei was instrumental in building Cebu Pacific Air into a low-cost airline starting in 1996. Despite a tragic crash in 1998, Cebu Pacific became the Philippines' largest airline by 2010. He announced his resignation as president and CEO in December 2022. Under his guidance, Cebu Pacific planned to significantly expand its fleet in 2023 by adding 10 new Airbus jets.

What efforts has Lance Yu Gokongwei made in sustainability and philanthropy?

Lance Yu Gokongwei plays a significant role in sustainability and philanthropy as a member of the National Advisory Council of WWF Philippines and a board member of the Global Reporting Initiative. He is also the Chairman of the Gokongwei Brothers Foundation, aiming to support 10,000 teachers and one million learners by 2025, making it the largest private sector provider of STEM scholarships in the Philippines.