PAL Holdings appoints Lucio Tan 3rd as president
The Manila Times
PAL Holdings Inc. on Thursday announced the appointment of the grandson and namesake of Lucio Tan as its new president. The parent firm of Philippine Airlines (PAL) and Air Philippines said Lucio Tan 3rd would take over the post from his grandfather, who retained his role as company chairman and chief executive. Early this month, LT Group named the younger Tan as its president, replacing his uncle Michael Tan. “As the newly designated president of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company,” he said. “I look forward to working closely with the PAL team, under the leadership of its president and chief operating officer, Capt. Stanley Ng, to ensure a collaborative and cohesive approach in serving the best interests of our customers,” the eldest son of the late Lucio “Bong” Tan 2nd added. “We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability and long-term value creation.” PAL Holdings registered a total consolidated operating income of P17 billion in 2022, a reversal from an operating loss of P4 billion in 2021. The company attributed the turnaround to the implementation of a financial restructuring plan and increased demand for air travel with the reopening of travel borders. PAL Holdings’ share price fell by 6.17 percent, or 35 centavos, to P5.32 on Thursday amid a 0.84-percent drop for the benchmark Philippine Stock Exchange index.