Philippine Airlines Inc. (PAL) confirmed the appointment of President and Chief Operating Officer Captain Stanley K. Ng and elected four new board directors during its Annual Stockholders Meeting (ASM) on Thursday, May 26.
“I am humbled by the trust and confidence of our PAL board and stockholders,” stated Capt. Ng, who was confirmed less than four months after he was appointed to the post in an acting capacity.
“I pledge to do the best we can, with passion and dedication, to ensure that PAL fulfills its mandate as the flag carrier to be of service to the flying public.”
The PAL board also elected two new directors, Shiela T. Pascual and Vivienne K. Tan to fill vacant positions and another two directors, Jerome S. Tan and David Uy Ong, to take the place of independent board members Atty. Florentino Herrera and Mark Chen, who have completed their services.
Pascual serves concurrently as director of PAL Holdings, Inc., Allied Commercial Bank, Buona Sorte Holdings, Inc., Philippine National Bank, Saturn Holdings, Inc., Tangent Holdings Corporation, Trustmark Holdings Corporation, Zuma Holdings and Management Corporation; and Executive Officer – Business Development Manager, Allied Banking Corporation (HK) Ltd.
On the other hand, Vivienne K. Tan is also a director of Philippine National Bank and Air Philippines Corporation, and member of the Board of Trustees of University of the East and University of the East Ramon Magsaysay Memorial Medical Center, founding Chairperson of Entrepreneurs School of Asia and Founding Trustee of Philippine Center for Entrepreneurship (Go Negosyo).
New independent director Jerome S. Tan also serves as director of PAL Holdings, Inc. and both President and Director of Integrated Micro-Electronics, Inc.
Finally, new independent director David Uy Ong is an entrepreneur with extensive business management experience, including serving as top executive or director of companies such as Global Tech Eco Corporation, Globo de Oro Holding Corporation, North Star Flour Milling Corp., Cuisine of the Philippines Inc. (Seascape Village), H2O Technologies Inc., Salko Konstruct Inc. and UDRAGON Corporation.
At the annual stockholders’ meeting, the newly confirmed president & COO led the management team in reporting PAL’s profitability breakthrough for the first quarter of 2022.
PAL registered an operating income of $33.8 Million (P1.7 billion) and net comprehensive income of $22.6 million (P1.2 billion) for Q1 2022, coming at the heels of a $1.22 billion (P62.7 billion) comprehensive income result for the 2021 calendar year.
There are likewise indications of positive results for the first two months of Q2 2022, as PAL continues to ramp up international and domestic network domestic flights amid an ongoing travel market recovery.