SM Prime CEO, Hans Sy, has announced a semi-retirement.

Sy has also served as SM Prime’s president since 2004, while holding key positions in SM subsidiaries and affiliates.

Teresita Sy-Coson, vice chairperson of SM Investments – parent company of SM Prime, said Sy “wants to have more free time for himself and his organization is developed enough to take on many of his responsibilities.”

Jeffrey Lim, who served as SM Prime executive VP and SM Development Corp president, will take Sy’s position.

Sy has grown SM Prime into the biggest mall and integrated property developer in the Philippines and one of the biggest in Southeast Asia. The company now has 58 malls in the country and six in China.