Tan named president of PAL Holdings
Credit to Author: Lisbet K. Esmael| Date: Wed, 19 Feb 2020 17:29:01 +0000
TAPIAN Lucio C. Tan Sr. has taken over the helm of PAL Holdings Inc., more than three months after his eldest son passed away.
In a disclosure on Wednesday, the listed operator of flag carrier Philippine Airlines (PAL) reported that the magnate had been appointed as its president “on a concurrent capacity” with his role as chairman.
The post was vacated by his son and namesake, 53-year-old Lucio “Bong” Tan Jr., who died from a reported brain herniation on November 11, two days after he collapsed during a basketball game in Mandaluyong City.
A month after the younger Tan’s death, the board of directors of PAL Holdings and subsidiaries Philippine Airlines Inc. and Air Philippines Inc. elected his son Lucio 3rd to replace him as director during a joint meeting.
The 27-year-old — who graduated with a bachelor’s degree in electrical engineering in 2015 and a master’s degree in computer science in 2017 from Stanford University — was also chosen as director of the LT Group Inc.; MacroAsia Corp.; and Tanduay Distillers Inc., of which he is also its president and chief operating officer.
The tycoon’s wife Carmen was earlier appointed as PAL vice chairman to replace Lucio Jr.
Their elder daughter Vivienne is the airline’s executive vice president.
The disclosure comes a day after PAL increased its authorized capital by 130 percent to P30 billion from P13 billion, which majority of its stockholders approved during a special meeting in Manila.
In a statement, the flag carrier said the increase was “part of the flag carrier’s transformation toward sustainable profitability and a higher level of competitiveness.”
In an interview on Wednesday, PAL President and Chief Operating Officer Gilbert Santa Maria said the airline “needs capital.”
PAL Holdings Inc. saw its net loss widen to P5.16 billion in the third quarter from P2.52 billion year-on-year, which the firm, in a November 14 disclosure, blamed on weaker passenger and cargo revenues.