Billionaire Dr. Lucio Tan will be the interim president of his Philippine Airlines Inc. after the retirement of its long-time head. He is also the chairman and chief executive officer.
Tan will serve as president immediately until the next president is appointed, according to his daughter Vivienne Tan, current EVP/treasurer and chief administrative officer, in an emailed reply to Bloomberg News’ request for confirmation that the tycoon who’s been the airline’s chairman will serve on a concurrent capacity.
Vivienne, executive vice president of Philippine Air, said she will assist her father in the day to day operations. “Our goal is to ensure an orderly and seamless transition of leadership,” the younger Tan said, pending the approval by the airline’s board of a successor to Jaime Bautista who retired on June 30.
Parent PAL Holdings Inc., where ANA Holdings Inc. bought a 9.5% stake in January, has risen 13% this year. (Bloomberg)