The exclusive licensor of convenience store giant 7-Eleven in the Philippines, Philippine Seven Corporation (PSC), has officially installed Richard Lee as the company’s new president, while former president and CEO Jose Victor Paterno assumes the role of chairperson. The announcement was made during PSC’s 2025 Annual Stockholders Meeting held Thursday at Hilton Manila, Pasay City.

“Because we work as one, we have a current strategy. We will keep on running the current projects. Since my Taiwan days, I have been working very closely with PSC, so I haven’t seen anything to be changed in the future,” Lee said in an ambush interview.

PSC said the leadership transition reflects the company’s strong succession planning and strategic continuity.

Paterno and the Board, headed by Jose Pardo, expressed full confidence in Lee’s leadership, citing his deep understanding of the business, operational excellence, and longstanding contributions to PSC’s growth.

Lee has played a key role in building operational alignment with PSC’s regional partners, particularly 7-Eleven Taiwan, whose technical and strategic collaboration has been instrumental to PSC’s success in the Philippine market.

“Richard has been an integral part of our leadership team for years. His steady hand, commitment to execution, and strong ties with key stakeholders in Taiwan will help carry PSC into its next chapter,” Paterno said.

500 stores this year, lower CapEx

Meanwhile, Pardo emphasized that PSC is on track to open 500 more branches this year, adding to its current 4,000 stores nationwide—despite a lowered capital expenditure (CapEx) target.

In October 2024, PSC announced a P6-billion CapEx allocation to fund 500 additional store openings for 2025.

“The slashing of the CapEx is partly because of store remodeling. So, our operations and business development team wanted to prioritize more on opening new stores, and they don’t want to lose focus on expanding our footprint. That is why, somehow, the number of stores programmed for remodeling, which is part of the P6 billion, initially, was reduced to P5.5 billion for 2025,” Pardo said.

PSC delivered strong financial results in 2024, with net income climbing by 9.4 percent to P3.81 billion, driven by a 13.8 percent surge in system-wide sales that reached P93.5 billion.

Revenue from contracts with customers also improved by 13.6 percent to P88.7 billion.

Same-store sales growth remained positive for the full year at 3.2 percent, supported by a 3.4 percent increase in customer traffic at mature stores.

Despite a slight dip in the fourth quarter, which ended a 13-quarter streak of growth, the company maintained strong resilience, Pardo noted.

“Our 40th year was about honoring our legacy while building a foundation for the future. Our performance is a direct result of our strategic focus on innovation, customer convenience, and responsible expansion,” he said.

Investing in innovation, financial inclusion

Pardo added that PSC has aggressively expanded its financial services through a strategic partnership with Pito AXM Platform, Inc.

By the end of 2024, 3,493 stores, equivalent to 84 percent of the network, were equipped with cash-recycling ATMs. These not only enhance operational efficiency but also serve as vital tools for financial inclusion in underserved areas.

PSC’s CapEx rose by 12.9 percent in 2024, signaling its commitment to new store openings, technology upgrades, and logistics.

The company also continued to improve its CLiQQ mobile app and expand food service offerings to meet evolving consumer preferences for convenience and value.