Tan son named PAL Holdings’ new chief
Credit to Author: Lisbet K. Esmael| Date: Tue, 29 Oct 2019 17:57:31 +0000
THE holding company of flag carrier Philippine Airlines (PAL) Inc. reported on Tuesday that the son and namesake of tycoon Lucio Tan now leads the firm following a management shakeup.
In a disclosure, PAL Holdings Inc. said Lucio Tan Jr. was now its new president after Gilbert Gabriel Santa Maria resigned from the post for “personal reasons.”
Santa Maria, however, remains as president and chief operating officer of PAL Inc., it added.
PAL Holdings also said Santa Maria presented during a joint board meeting of PAL Holdings, PAL Inc. and Air Philippines Corp. on Monday “his 90-day report on PAL Inc., as well as his turnaround plan for [the company], which is due for implementation” next year.
“His presentation was well-received by the joint boards,” it added.
Also during the meeting, Joseph Chua was elected as director of the airline. He was also appointed as member of PAL’s corporate governance committee, along with Johnip Cua.
The filing comes a day after various news outlets erroneously reported that the younger Tan replaced Santa Maria as PAL Inc. chief.
The 53-year-old Santa Maria assumed leadership of PAL Inc. in late July after the airline’s board approved his appointment. The elder Tan had handpicked him for the post.
Santa Maria has a solid three-decade executive management experience in multiple industries here and overseas.
PAL Holdings shares fell by 10 centavos or 1.25 percent to finish at P7.90 apiece on Tuesday.