Lucio Tan grandson named president of LT Group
MANILA -LT Group Inc. named taipan Lucio Tan’s 30-year-old grandson, Lucio Tan III, the new president of the banking, tobacco, liquor and property giant.
He replaces his uncle, Michael Tan, the company’s president for over a decade and who helped turn the P110-billion LT Group into one of the country’s biggest conglomerates.
“I am deeply honored to accept the appointment as president and chief operating officer. I thank the board of directors for entrusting me with this responsibility, and I am grateful to all of you for your support. In exercising the functions of my new role, rest assured that I will be guided by the values of integrity, diligence, excellence, and transparency,” Lucio Tan III said during their organizational meeting on Wednesday.
The son of the late Lucio Tan Jr., he is a key figure in the family’s succession plan for the next generation of leaders.
The younger Tan’s rise to the top management post was expected after he was named chief operating officer and vice chair last year. This marked the beginning of a yearlong transition period before he assumed the role of president.
He said on Wednesday he was prepared to face new challenges as president of LT Group.
“The business landscape is constantly evolving, and we must adapt quickly to stay competitive. However, I am confident that with our talented and dedicated team, we will overcome these challenges and achieve even greater success,” he said.
Lucio Tan III joined the board of LT Group in 2019. He holds a degree in electrical engineering from Stanford University and earned a master’s degree in computer science from the same university in 2017.
Michael Tan, who is the 88-year-old taipan’s eldest son by his second wife, delivered the president’s report during the company’s annual stockholders’ meeting on Wednesday. He remains a director of LT Group and president of Asia Brewery.
“Your company’s journey, from the reorganization in 2012 of Tanduay Holdings to what it is today, has not been easy. As I look back over the past decade of [LT Group] as a publicly-listed company, we have done our best to lead it to where it is, built the way, the tried and tested way,” he said.
He also highlighted the company’s historic-high profit in 2022 of over P25 billion despite challenges in the postpandemic era and their record cash dividends last year of P1.40 per share or a total of P15.2 billion.
LT Group is the holding company of Philippine National Bank, Philip Morris Fortune Tobacco Corp., Tanduay Distillers Inc., Asia brewery, and Eton Properties Philippines Inc.
“The task of the president of this company is not about the glitz and glamour, but stewardship over what was entrusted to me, with careful and responsible management, with accountability,” Michael Tan said.
“I have handled the responsibility with integrity and done what I could to the best of my ability. I have always put the interests of the stakeholders and shareholders, especially the minority shareholders, above everything else,” he added.
Elected to the LT Group board during the meeting were Lucio Tan, Carmen K. Tan, Karlu T. Say, Michael G. Tan, Lucio Tan III, Vivienne K. Tan and Juanita T. Tan Lee. The four independent directors are Johnip G. Cua, Mary G. Ng, Wilfrido E. Sanchez and Florencia G. Tarriela.
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