ANDREW Tan-led property developer Megaworld Corp. on Tuesday announced the appointment of Lourdes T. Gutierrez-Alfonso as the company's new president, effective immediately, following a special meeting of its board of directors.

Tan, the company's previous president and chief executive officer, will remain chairman of the board, Megaworld said in a filing.

The 61-year-old Gutierrez-Alfonso has been with Megaworld for over 34 years and had served as the chief operating officer of the company prior to her appointment as president.

She is also a director of the company and a member of its board executive committee and management executive committee. She also currently serves as a director in numerous affiliate companies, including publicly listed Global-Estate Resorts Inc. and MREIT Inc.

"She has extensive experience in real estate and a strong background in finance and marketing," Megaworld said.

Last Saturday, Megaworld opened what it touted as the country's biggest hotel, the 19-story, two-tower Grand Westside Hotel boasting 1,530 rooms, located at the Westside City entertainment and leisure complex in Entertainment City, Parañaque City.

The ceremonial opening was graced by President Ferdinand Marcos, Jr., who lauded Megaworld for its commitment in promoting tourism in the country and creating new jobs.

Megaworld shares were unchanged at P1.77 apiece amid a 0.42-percent gain for the benchmark Philippine Stock Exchange index.