Top management leaves First Pac

Hong Kong-listed corporate, First Pacific has lost its two most senior managers.

Michael Healy and Ron Brown, who ran the company day to day and were the senior executive and CFO, have both quietly resigned, although remain as directors. However, it is also thought they will resign these posts at the AGM in June.

Both Healy and Brown were well regarded by the investor community and were the public face of the Salim family-controlled conglomerate.

Both men are thought to have become disillusioned after First Pac failed last year to sell its controlling stake in PLDT to Gokongwei family interests, after PLDT boss, Manny Pangalinan blocked the deal in one of the more extraordinary M&A transactions of recent times (see related articles).

With the failure of this transaction, which would have helped First Pac pay down debt, both Healy and Brown must have wondered what the Salim family's strategy for their Hong Kong listed entity was.

Healy has now returned to his native Edinburgh, while Brown is dividing his time between his houses in Bali and Phuket.

Meanwhile, the company's former CFO, Paul Wallace has been brought out of retirement and has returned to Hong Kong to become CFO again. Wallace had previously retired from First Pac in 1997 to return to Kent.