Max’s Group Inc. president Ariel Fermin, who led the company during the turbulent COVID-19 crisis, is stepping down less than two years after taking the top job at the country’s biggest casual restaurant group. | miguelrcamusINQ /PDI
As president and CEO, Trota will oversee the company’s sprawling restaurant group, which has 675 restaurants across brands such as Max’s Restaurant, Yellow Cab Pizza and Pancake House, including 65 overseas outlets, as of end-March.
Fermin, a former executive at PLDT Inc., joined MGI in 2017 as chief operating officer. He was named president of the company on Oct. 28, 2021. “[I] would like to thank Ariel for his innumerable contributions to MGI. He led the company through one of the most challenging periods of our time. Through his leadership, MGI not only beat the odds during the pandemic, but refined the model for our existing business and established new opportunities in a fast-growing food retail category,” Fuentebella said.
In a previous filing, MGI said core profits in 2022 had recovered to the prepandemic level amid the strong rebound in the restaurant sector. Core net income surged eight times to P622 million while systemwide sales jumped over 40 percent to P17.6 billion.Your subscription has been successful.
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