BIZ BUZZ: Wilcon’s board gets fresh faces

Three independent directors stepping down at the same time may look like a major board shake-up. But in Wilcon Depot Inc.’s case, it was less about strategy and more about regulation.

The home improvement retailer disclosed that independent directors Ricardo Pascua, Rolando Narciso and Delfin Warren ceased serving on June 15 after reaching the maximum cumulative term of nine years. The company said the changes were made because the directors had already hit the allowable limit for independent board members.

At its annual stockholders’ meeting on Monday, shareholders elected three new independent directors—Lydia Echauz, Florencia Tarriela and Arthur Aguilar—to replace the outgoing board members. The company also retained four returning directors, including president Lorraine Belo-Cincochan.

The move comes as more listed firms face the same governance deadline, forcing boards to refresh their independent director roster after years of service.

Separate disclosures also showed the appointment of Eden Godino as executive vice president for sales and retail stores operations and Alen Alban as vice president for marketing, signaling broader efforts to strengthen the company’s leadership bench.

Wilcon’s latest move shows that even seasoned directors eventually have to make way when governance rules come calling.