PAL Holdings and Macroasia are looking for a new director to replace Joseph Chua, the son-in-law of bilyonaryo Lucio Tan.
In a statement, PAL said it would elect Chua’s replacement during its stockholders meeting on November 25.
For its part, Marcoasia said it would call a special board meeting as soon as possible to address all issues on Chua after Tan cut him off from the family business.
The Philippine Stock Exchange had asked PAL and Macroasia to clarify the potice published in the October 6, 2021 issue of the Philippine Daily Inquirer which stated: “The public is hereby notified that Mr. Joseph Chua has no authority to represent Dr. Lucio C. Tan, the Tan Family, and Lucio Tan Group of Companies. Any prior authority or representation given to Mr. Joseph Chua are deemed void and/or revoked.”
The 64-year old Chua has been a director of PAL since 2019 and Macroasia since 1997.
The husband of Tan’s daughter, Rowena, has been Macroasia’s president and COO since 2015 and CEO from 2003 to 2015.