Lucio Tan III has been appointed President of PAL Holdings Inc. (PHI), the parent company of flag carrier Philppine Airlines, taking over the post from his grandfather Dr. Lucio C. Tan.
In a disclosure to the Philippine Stock Exchange, PHI said the elder Tan retains his role as PHI Chairman and Chief Executive Officer following the organizational meeting held after the elections during firm’s annual stockholders’ meeting.
PAL Holdings Inc. President Lucio Tan III
“As the newly designated President of PAL Holdings, I am committed to providing stability and upholding the highest level of integrity within the company,” said Tan III.
He added that, “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.”
“We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability, and long-term value creation," said Tan III.
PHI registered a total consolidated operating income of PHP17B in 2022, a turnaround from an operating loss of PHP4B in 2021.
In a virtual Annual Stockholders Meeting held today, PHI attributed the turnaround to the implementation of Philippine Airlines’ (PAL) financial restructuring plan and the increased demand for air travel with the reopening of travel borders.
PAL Holdings Inc. Chairman and CEO Lucio Tan
In his speech during the stockholders’ meeting read by Tan III, the taipan said “We face major challenges just the same. We need to rebuild our product and our fleet. Philippine Airlines needs to be a stronger competitor and a leader in service and innovation."
“This is imperative for a company that aims to be the airline of choice in the market it serves, which is the vision we defined for our flag carrier,” he said.
PAL has inaugurated the Manila-Perth nonstop service and has reopened routes between the Philippines and points in mainland China.
On top of an extensive domestic network anchored on its gateway hubs in Manila, Cebu, and Davao, PAL is the only airline operating nonstop flights linking the Philippines to the United States and Canada, along with the largest network of flights from Manila to multiple cities in the Middle East, Japan, and Australia.
PHI is the parent firm of PAL and another subsidiary Air Philippines Corporation. It is also a member of the Lucio Tan Group of Companies.