MANILA, Philippines — Another major leadership change has hit billionaire Manuel Villar Jr.’s retail empire, and this one comes at a particularly sensitive moment for the group.
Maribel Sibayan has resigned as president, chief operating officer and director of AllHome Corp., ending a tenure of less than a year at the Villar-controlled home-improvement retailer.
Her resignation took effect on September 2, 2026, with the company citing personal reasons, according to a report by InsiderPH. AllHome said a replacement would be announced in due course.
The departure is notable not simply because of Sibayan’s short stay at the top, but because it comes while AllHome is navigating weakening sales, store-network rationalization and an extended suspension of its shares from trading on the Philippine Stock Exchange.
Sibayan Was Brought In Less Than a Year Ago
Sibayan was appointed AllHome president and COO on September 24, 2025, replacing Frances Rosalie Coloma, who had been serving as acting president and COO.
The appointment was officially approved during a special meeting of AllHome’s board.
At the time, Sibayan appeared to bring exactly the kind of deep retail experience AllHome needed.
Her career included leadership roles at Rustan Supercenters, Metro Gaisano, AllDay Marts, MerryMart Grocery Centers and SM Mart. Before joining AllHome, she had also served as chairman of state-run People’s Television Network Inc.
Her appointment came as Villar’s retail companies were trying to navigate increasingly difficult operating conditions.
Now, less than 12 months later, AllHome is again looking for a new leader.
The Bigger Story Is What Sibayan Leaves Behind
There is no disclosed indication that Sibayan’s resignation was caused by AllHome’s financial or regulatory challenges, and the company specifically cited personal reasons.
But the timing places the leadership change against a much larger corporate backdrop.
AllHome’s shares have been suspended from trading since June 2, 2026, after the company failed to submit its quarterly report for the period ended March 31, 2026 within the required timetable.
The Philippine Stock Exchange said the suspension would remain in effect until further notice.
The reporting backlog subsequently widened.
The PSE later said AllHome was among companies that had failed to submit their 2025 annual report by the extended June deadline. More recently, the exchange said AllHome had also failed to submit a compliant second-quarter 2026 report covering the period ended June 30 by the extended August 19 deadline.
As a result, its shares remain suspended.
AllHome itself postponed its 2026 annual stockholders’ meeting, saying it needed additional time to complete its audited financial statements for the year ended December 31, 2025 and related regulatory filings.
That makes the next management appointment more consequential than an ordinary executive replacement.
The incoming president will potentially have to oversee not only day-to-day retail operations but also a business attempting to restore regulatory compliance and investor visibility.
Sales Were Already Under Pressure Before the Suspension
AllHome’s challenges did not begin with its trading suspension.
In 2024, the company generated ₱9.89 billion in revenue, down about 18% from ₱12.07 billion a year earlier.
Net income fell by roughly half, from ₱797.3 million in 2023 to ₱400.8 million in 2024.
Management attributed the decline partly to weaker demand for construction and home-finishing products as customers postponed purchases, alongside delays in residential project completions that affected demand for furniture and appliances.
The deterioration continued into 2025.
BusinessWorld reported that AllHome’s first-half net income fell 59.7% to ₱113.9 million, while six-month sales dropped 28.9% to about ₱4 billion.
AllHome said a subdued property market—a key source of demand for construction, furnishing and home-improvement products—was a major factor behind the decline.
By the end of September 2025, the situation had weakened further.
Official PSE financial data show AllHome recorded ₱5.60 billion in sales for the first nine months of 2025, down from ₱7.79 billion during the comparable 2024 period.
More significantly, the company swung to a ₱36.5-million nine-month net loss, reversing the roughly ₱342-million profit recorded a year earlier. Its third quarter alone produced a net loss of about ₱150.4 million.
Store Rationalization Adds Another Layer
AllHome entered 2025 with a substantial physical footprint.
The company’s 2024 disclosures showed 72 stores and approximately 282,412 square meters of net selling space, spanning large mall stores, freestanding locations and smaller specialty formats.
But by late 2025, signs of a strategic reset had emerged.
InsiderPH reported that AllHome and sister retailer AllDay were evaluating their store portfolios as they sought to streamline their networks. The report cited branch closures and rising inventories as part of the pressures confronting Villar’s retail operations.
It also reported that AllHome ended the first nine months of 2025 carrying inventory equivalent to more than 18 months of goods based on the publication’s analysis of company filings.
The company had also disclosed what it described as a rationalization of store workforce deployment and central support personnel as it pursued a leaner operating structure.
Taken together, the numbers show why the identity of AllHome’s next president matters.
Whoever takes the job will inherit a retailer markedly different from the aggressive expansion story that helped propel AllHome to the stock market in 2019.
Another Exit Hits Villar’s Retail Boards
Sibayan was not the only Villar retail executive or director to step down on September 2.
Independent director Susana So also resigned from the boards of both AllHome and sister supermarket operator AllDay Marts Inc., likewise citing personal reasons.
AllHome said it would appoint replacements for both Sibayan and So, while AllDay said a replacement independent director would be selected separately.
AllDay also announced the appointment of Louella Fernandez as chief audit executive, effective September 2, to serve the remainder of the term previously held by Maria Charissa Josef.
Fernandez has previously held finance and compliance positions across Villar-controlled companies, including Vista Land and AllHome.
AllDay faces regulatory issues similar to those confronting AllHome. Its shares have also been suspended from PSE trading since June 2 over delayed financial reporting and remain suspended following subsequent filing deficiencies.
What Happens Next at AllHome?
Sibayan’s resignation by itself does not establish anything beyond what AllHome disclosed: she left for personal reasons.
But investors will likely be watching what comes next.
The more important questions are now whether AllHome can complete its overdue financial reports, secure the lifting of its trading suspension, stabilize its retail operations and determine how large a physical store network it still needs.
Then there is the leadership question.
AllHome recruited an experienced retail executive in September 2025. Eleven months later, that executive is gone while the company is still navigating one of the most complicated periods since its public listing.
The next appointment may therefore reveal much more than the name of a new president.
WWC ONE MEDIA MJE
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