Lucio Tan’s grandson succeeds tycoon as PAL Holdings prexy
MANILA -Taipan Lucio Tan’s 30-year-old grandson—who recently took the top post at family-led conglomerate LT Group—is also now piloting PAL Holdings Inc., operator of flag carrier Philippine Airlines (PAL).
Lucio Tan III was appointed as PAL Holdings president at a time when air travel is regaining momentum. The announcement was made during PAL Holdings’ annual stockholders meeting on Thursday.
“As the newly designated president of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company,” Tan said.
Tan took over the position from his grandfather, who is still serving as chair and CEO.
“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,” Tan said.
Long-term value creation
“We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability and long-term value creation,” he added.
The PAL operator has seen better performance since exiting voluntary Chapter 11 bankruptcy process in the United States. This was after completing a restructuring plan that eliminated $2.1 billion worth of obligations in 2021.
In the first quarter, PAL Holdings reported that its net income attributable to equity holders of the parent company grew by more than four times to P4.65 billion from P1.08 billion a year ago.
The bottom line was lifted by passenger revenues, which surged by 119 percent to P37.62 billion in the first quarter.
The airline serviced 3.4 million passengers in the first three months, showing 156.2-percent growth from the same period last year.
Moving forward, Ng previously said they were projecting a positive outlook for the aviation sector.
PAL recently inaugurated its Manila-Perth nonstop flights and reopened routes to mainland China.
Perth class: Australia sets up PAL’s rebirth after tough chapter
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.