PAL’s parent firm appoints Lucio Tan grandson as president
MANILA, Philippines — The millennial grandson of tycoon Lucio Tan is taking the reins of Philippine Airlines’ parent firm, weeks after he took the helm of the family's conglomerate LT Group.
In a disclosure sent to the Philippine Stock Exchange on Thursday, PAL Holdings Inc. indicated that Lucio Tan III was appointed president. His grandfather, tycoon Lucio C. Tan stayed on as chairman and CEO.
“I look forward to working closely with the PAL team, under the leadership of its President and COO, Capt. Stanley Ng, to ensure a collaborative and cohesive approach in serving the best interests of our customers,” the younger Tan said in a statement.
The appointment came at a precarious time for the flagship carrier and its parent company. The company is looking to regain solid financial footing, since filing bankruptcy in the middle of a global pandemic. As it is, PAL Holdings' prospects are turning around.
Within the same disclosure, PAL Holdings posted a consolidated operating income of P17 billion in 2022. The figures were a reversal from the P4 billion operating loss it incurred in the preceding year.
Consolidated revenues skyrocketed 137% to P139 billion in 2022, benefitting from the easing of mobility restrictions.
Passenger figures improved as well, logging 9.31 million passengers in 2022. This was a 214% uptrend compared to the numbers in 2021.
“We face major challenges just the same. We need to rebuild our product and our fleet,” the elder Tan said in the same disclosure.
Shares in PAL Holdings closed 6.17% down to P5.32 at the end of trading on Thursday. — Ramon Royandoyan
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