TAMUNING Guam – Brian Y. Suhr president and chief executive officer and Michael S. Hahm executive vice president and chief operating officer are resigning from South Pacific Petroleum Corp. according to Journal sources.
SPPC has confirmed to the Journal that the departure is effective March 13.
The two will however remain shareholders in SPPC which does business as 76 gas brand and Circle K convenience stores. The company has 10 gas stations and 12 convenience stores two of which are free-standing.
Industry experts expressed continued confidence in Douglas Dean long-time petroleum industry executive and general manager at SPPC to manage the company.
Suhr will remain president of Access Development Inc. developer of Talo Verde Estates and according to SPPC will focus on various real estate development projects. Hahm according to SPPC will be rejoining DECO Guam Inc. as its president and chief executive officer. DECO is engaged in transportation logistics and construction supply and material handling. Suhr and Hahm are partners with others in Paradise Wings LLP which does business as Hooters in Guam and the Philippines.
SPPC said Seung Hee Han eldest son of the late Sang Yeon Hahn [co-founder and majority shareholder] has been named chairman of the board and president and chief executive officer.
Changes at the top of SPPC follow the recent departure of Michael A. Hernandez now retail marketing director for GTA.
SPPC reported gross revenues of $54.57 million for 2007 and $53.7 million for 2006 in the Deloitte & Touche ASC Trust Corp. Guam Business list of the Top Companies of Micronesia in the November-December 2008 issue of Guam Business magazine.
Journal sources said that SPPC’s products remain strong and also paid credit to the chain’s convenience stores which they said brought the company the highest return per square foot on Guam of all convenience stores. In Guam the convenience store market industry experts estimate is worth more than $20 million annually. Depending on size and location a convenience store on Guam can earn per month gross between $20 000 at the low end and $60 000 to $80 000.
Suhr and Hahm are credited with co-founding SPPC after its purchase of the Exxon stations on Guam from ExxonMobil on Nov. 30 2000.
(This story was sent to Journal subscribers as a News Flash! on March 12.)