Lucio Tan III is joining the management of Philippine Airlines (PAL) operator PAL Holdings Inc., a stock exchange filing on Thursday showed.
Tan, the grandson of taipan Lucio Tan, was named vice president of PAL Holdings.
He first became a director of PAL Holdings in December 2019—a month after the sudden passing of his father, Lucio Jr. or Bong, who was in the thick of implementing a turnaround strategy as president of the company.
The younger Tan’s role as vice president would give him direct exposure to management during a period of crisis for the aviation sector and for PAL, which is looking toward a Chapter 11 creditor protection program in the United States.
PAL, the oldest carrier in Asia, has yet to confirm plans for a Chapter 11 filing but the group previously announced it was moving forward with a “comprehensive restructuring plan that will ensure its viability.”
Apart from PAL Holdings, Tan is a director of Philippine Airlines Inc. and Air Philippines Corp.
He had resumed his father’s responsibilities within the Lucio Tan Group. He is also a director of listed LT Group Inc., director and president and chief operating officer of Tanduay Distillers Inc.