Recent movements in taipan Lucio Tan’s business empire involved a rigodon of sorts among his daughters.
The sisters have been playing more active roles in their father’s business, and more recently, have been implementing changes in their previous roles, too.
Just recently, for instance, an announcement from Eton Philippines to its management committee said that Tan daughter Karlu Tan-Say has stepped down from her post as COO of the property company.
According to the announcement, Tan-Say has stepped down as COO of Eton Properties, Eton Properties Management Corp., The Mini Suites; Belton Communities; Eton Communities and First Home Inc. No reasons were indicated in the message.
It is not clear what new roles Tan-Say will take. What is clear is that her departure comes just a little over two years after stepping into the Eton roles in December 2019, after her brother Lucio “Bong” Tan Jr. died in November that year.
Eldest sister Rowena also left the Guam business. Her husband Joseph Chua told me last year that they were both surprised and saddened about their sudden removal from the Guam business. Chua served as former president of Tan’s Guam business Goodwind Corp.
In November last year, another daughter, Sheila Tan-Pascual, meanwhile, joined the board of PAL Holdings as director after Chua’s departure from the Tan Group.
Some other daughters are also said to be preparing for more active roles in the empire.
As one source said in jest, “blood is thicker Tan water.”
The daughters have started playing more active roles after Bong Tan’s death.
Kapitan’s multibillion empire has over 100 corporations, sources said, and thus, there is something for every son, daughter or the grandchildren to take charge of.
But then again, that’s all up to Kapitan.
In-laws
Outside the daughters, the in-laws have also been playing more active roles.
We already know that veteran pilot, Capt. Stanley Ng, one of the taipan’s son-in-laws, was named OIC of Philippine Airlines following a change in leadership at the flag carrier.
PAL Express, the low-cost subsidiary of PAL, is also expected to name a new head soon because Bonifacio Sam has already filed for retirement although he was asked to stay on until his successor is named.
And then there are the grandchildren. Some of the grandchildren are already playing key roles in the empire and I heard that some quarters want Stanford-educated Lucio Tan III, Bong Tan’s eldest son to play even bigger roles.
It’s getting more and more difficult to keep track of the changes and I can’t help but wonder how investors, creditors, shareholders, employees, and other stakeholders are reacting to the movements.
Creditors meeting
On Wednesday, creditors of Philippine Airlines were scheduled to have a town hall meeting with PAL management, my sources said, to get updates on the changes in PAL. It is perhaps natural that they would want to get to know the new leadership and how the US Court-approved restructuring plan would be concluded.
Stakeholders can find comfort in the fact that through the decades, through all the changes, through every crisis – economic, global, financial and this ongoing pandemic – the Tan empire is fortunate to have professional executives and hardworking employees running the day-to-day operations of the different companies.
I also heard that some investors are still eager to invest in some Tan companies.
For instance, I heard that a group of foreign investors are looking to infuse fresh funds into PAL via debt-to-equity conversion. I am not sure how serious these investors are.
Maybe they read about the recently passed amendments to the Public Service Act, which now allows 100 percent foreign ownership in airlines.
The PSA would pave the way for more investors seriously taking interest in PAL and Cebu Pacific, although that will perhaps depend largely on the recovery of the aviation and tourism sectors that have been heavily battered by the COVID-19 pandemic.
Going back to the Tan empire, the changes seem to be more frequent and bigger in recent months.
While all of us are keenly awaiting the May 2022 elections for the country’s new leaders, observers of the Tan empire are also watching with bated breath the new and ongoing rounds of recent changes.
Easy, easy life
But perhaps, the enigmatic Kapitan, at 87, is really just taking it easy now, allowing his family members to take active roles in his different businesses.
In one of those rare times when I had a chance to sit down with him – in 2017 on the occasion of his 83rd Chinese birthday – he said his wish in life is really very simple:
“An easy, easy life.”
Iris Gonzales’ email address is eyesgonzales@gmail.com. Follow her on Twitter @eyesgonzales. Column archives at eyesgonzales.com