Katherine Tan, wife of tycoon Andrew Tan, stepped down from her position as a board member of property giant Megaworld Corporation.
In a disclosure to the Philippine Stock Exchange on Monday, Megaworld said the matriarch relinquished her position “due to personal reasons.”
She was replaced by her son Kevin, who was likewise appointed as executive director of the company, and who concurrently heads umbrella firm Alliance Global Group Inc. (AGI), MReit, Inc., and Infracorp Development Inc.
Katherine, however, will continue to play an active role in other businesses as she remains as director and treasurer of AGI, and treasurer of Emperador Inc.
Meanwhile, Kevin also served as executive vice president and chief strategy officer for Megaworld prior to his appointment as a board member and executive director.
He also served as senior vice president for the commercial division which markets and operates Megaworld Lifestyle Malls, and chairs the board of Travellers International Hotel Group Inc., among others.
Tan earned his Bachelor’s Degree in Business Administration with a major in Management from the University of Asia and the Pacific.
In the first semester of the year, Megaworld posted an 11 percent increase in net income to P9.81 billion, with consolidated revenues expanding by 22 percent, driven by strong performance across its business segments. (Angelica Ballesteros)