Vallacar Transit Inc., the biggest bus company in the country, has two presidents again after the warring Yanson factions held separate board meetings on Saturday, December 5.
One group is composed of family matriarch Olivia Yanson and her children Leo Rey and Ginnette, and the other by her four other children Celina, Roy, Ricardo Jr. and Emily, known as the Yanson 4.
Leo Rey, who is currently running the firm, was reappointed chairman of the board and president of VTI during the firm’s annual stockholders meeting at its principal office in Barangay Mansilingan, Bacolod City.
Olivia was also re-appointed, corporate secretary and treasurer.
During the meeting, Olivia and Leo Rey, Ginnette Dumancas, Charles Dumancas, Anita Chua, Arvin John Villaruel and Daniel Nicolas Golez were re-elected as members of VTI’s Board of Directors.
Despite proper and timely notice, stockholders Roy and Ricardo Yanson, Ma. Lourdes Celina Yanson-Lopez, Juan Manuel Lopez, and Ma. Susan Yanson were absent, a press statement from Olivia’s camp said.
Roy, Celina and Ricardo and their sister Emily are believed to be abroad, the statement said.
The press statement said there are several outstanding warrants of arrest against the four siblings.
“Despite all the turbulence experienced by VTI’s management in the past two years, VTI remains strong and resilient. It continues to be steadfast in its goal to serve the Filipino people. VTI continues to pursue its mission of helping alleviate the burden of every Filipino by providing safe and quality transportation to everyone, the statement said.
The newly appointed Board is excited to see how they can continue to push boundaries to provide quality transportation to every Filipino in this great nation despite the challenges of the pandemic, it added.
The four other children of Olivia Yanson also issued a separate press statement today, December 6, announcing their holding of their own stockholders’ meeting.
Lawyer Carlo Joaquin Narvasa, in the press statement, said the Yanson 4 held a VTI annual shareholders meeting at SEDA Capitol Central Hotel in Bacolod City, which he presided over as proxy for Celina, its president and chairman.
It was attended by shareholders representing 61.17 of the outstanding capital stock of the corporation, he said.
Roy, Emily, Celina and Ricardo Jr. were elected by the shareholders anew as members of the board of directors of the corporation for the year 2020-2021, Narvasa added.
The shareholders also ratified all acts and transactions of the Board of Directors and management of the corporation under the leadership of Celina, he added.
In the organizational meeting that followed the directors elected Celina as president, Roy – vice president for operations, Emily – treasurer and chief financial officer, Ricardo Jr. – corporate secretary, Anna Isabella Galvez – assistant corporate secretary and Naravasa – vice president for legal, the press statement said.
The meeting was held virtually, a source said.*