The US-educated young grandson and namesake of tycoon Lucio Tan has taken on a greater role in the affairs of conglomerate LT Group Inc. (LTG) following the untimely demise of Lucio “Bong” Tan Jr.
Lucio “Hun hun” Tan III, 27, took a seat at the boardroom of LT Group and flag carrier PAL Holdings, and was likewise appointed president, chief operating officer and director of liquor arm Tanduay Distillery Inc. He filled up some of the void left by the passing of his father, Tan Jr.
Tan III was also elected as director at MacroAsia Corp. as well as PAL Holdings’ operating units Philippine Airlines and Air Philippines Corp.
These appointments were disclosed by LTG and PAL Holdings to the Philippine Stock Exchange on Wednesday.
In 2015, Tan III graduated summa cum laude from Stanford University with a double degree in electrical engineering and computer science. Among other awards, the young Tan obtained a Frederick Emmons Terman engineering scholarship, an annual citation given by Stanford’s School of Engineering to seniors for outstanding academic achievement. In 2017, he obtained his master’s degree in computer science also from Stanford University.Tan III is the first family member from the third generation to join the group’s publicly listed entities.
His father had just been appointed president and chief operating officer of PAL Holdings, operator of Philippine Airlines, prior to his death in November. Tan Jr. had been mapping out a strategy to curb losses amid cutthroat competition in the airline industry. With the 53-year-old Tan Jr. gone, the tycoon’s first family is left without a male heir from the second generation.
At PAL Holdings, John Tan—the tycoon’s son from the second family—was elected director in lieu of the tycoon’s eldest son, Michael Tan, who remains LTG president.Recently, however, the tycoon’s first wife, Carmen, daughter Vivienne Tan and other sisters have taken key posts in various companies under the group. Carmen had recently assumed the post of vice chair at Philippine Airlines.
Philippine Airlines also announced the appointment of Mark Chen as independent director, replacing former Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. The flag carrier also disclosed the resignation of Celeste Mutuc as chief finance officer.At Tanduay Distillers, a new corporate secretary was named, Carlos Luis Fernandez, effective on Dec. 31, 2019.