In 1939, the management of the company was reorganized along the lines of American corporations. San Miguel's management team was made up of the board of directors (president, vice-president, treasurer and nine directors and the executive officers of the corporation). Ramón J. Fernández was elected president of the board of directors and Antonio Róxas y Gargollo (a son of Antonio Róxas) was elected vice-president. Soriano was elected president of the corporation, with Antonio Brias y Róxas as vice president. Eduardo Róxas y Gargollo (another son of Don Antonio Róxas) and Jacobo Zóbel y Róxas were appointed directors. Expanding and modernizing the company, however, meant diluting family control. San Miguel became the first Filipino company to be owned by thousands of shareholders. To retain control, Soriano relied on alliances with his Róxas relatives and associates.
