HOMEGROWN fast food giant Jollibee Foods Corp.'s (JFC) Richard Shin has been recognized as the 18th ING-Finex CFO of the Year, the first non-Filipino to win the award.
The 57-year-old Canadian Korean previously worked with various companies and accumulated three decades of experience before joining the Jollibee Group in 2022.
"Richard Shin's exceptional leadership at Jollibee Foods Corp. exemplifies the very qualities that this award seeks to celebrate-visionary financial stewardship, strategic growth and global impact," said Jun Palanca, ING Bank N.V. Manila branch country manager, during the awarding ceremony late on Friday.
"As the first non-Filipino recipient of this prestigious distinction, Richard's achievement highlights the increasing international recognition of the Philippines as a hub for dynamic corporate leadership," he added.
Financial Executives Institute of the Philippines (Finex) President Augusto Bengzon, meanwhile, said that this year's choice highlighted "global perspectives while respecting local sensitivities."
The Jollibee Group has achieved several milestones in the last two years, noting record system-wide sales (SWS) and revenue. It achieved P217.58 billion and P246.55 billion in revenues in 2022 and 2023, respectively, while SWS reached P296.82 billion and P345.32 billion during the same years.
As of end-September 2024, JFC recorded P281.11 billion in SWS, and revenues also grew 10 percent to P196.25 billion from P177.41 billion a year earlier.
The group aims to triple the business in the next five years, grow net income after tax three-fold by end-2028 and reach 20 percent enterprise return on invested capital.
"Accepting the ING-Finex CFO of the Year Award is truly an honor for me," Shin said in a speech.
"Being the first non-Filipino recipient of this award is also a distinct privilege, especially given that the Jollibee Group's story is rooted in the Philippines," he added.
JFC President and CEO Ernesto Tanmantiong highlighted Shin's impact, saying that "his stewardship has helped JFC achieve back-to-back best-ever years in 2022 and 2023."
"Richard's leadership on the finance function is an important pillar in our growth as a company," he added.
"He provides strategic input into the development of our five-year strategy and articulation of our four product categories, enabling greater focus and discipline in our journey to becoming one of the top five restaurant companies in the world," Tanmantiong continued.
"While he may not be a Filipino by blood, he is fully invested in our values and our mission of bringing joy. One can say that he is very much a Filipino at heart, and that has manifested in the many ways he has helped our Filipino company compete with the best of the world."
Shin's role in the Jollibee Group was said to have enabled the company to acquire South Korean value coffee brand Compose Coffee and Hong Kong dim sum restaurant chain Tim Ho Wan.
JFC also invested in beverage tech firm Botrista, showing Shin's strategic vision and risk management expertise for the group's global expansion and sustaining operational excellence.
"It's a privilege to be part of the Jollibee Group's story and to work for a company that values its people, its nation, and its mission to share the joy behind the numbers," Shin said.