Ultra bilyonaryo Lucio Tan is saving a lot of money after dumping his son-in-law Joseph Chua last year.
Tan’s Macroasia Corp. has allocated a total compensation – salaries, bonus and other perks – of P30.27 million in 2022 for its four highest paid executive officers.
This is 60 percent below the P76.62 million total compensation Macroasia gave out to its highest-paid officers in 2021. The basic salary accounted for only 42 percent of last year’s compensation package.
Trouble in the first family: Lucio Tan cuts off ties with favorite son-in-law Joseph Chua
The biggest change made by the Macroasia chairman was when he cut off all business ties with Chua, who has been president of the firm for 24 years, which he announced through a newspaper ad in October last year, Tan named his millennial grandson, Edrick Luy, as president and COO of Macroasia.
The other highest-paid officers of Macroasia are senior vice president Abogado Marivic T. Moya, chief financial officer Amador T. Sendin, and data protection officer Belgium S. Tandoc.
Tan also drastically reduced the compensation of its other officers and directors starting last year.
Compensation for other Macroasia officers was reduced by 88 percent to P2.31 million in 2021 from P19.71 million in 2020.
The perks for directors shrank by 86 percent to P6.5 million in 2021 from P47.4 million in 2021. Tan has budgeted P1.33 million for other officers and P6.5 million for directors in 2022.
Macroasia, which gets the bulk of its revenues from in-flight catering and ground-handling services, has lost close to P2 billion over the last two pandemic-stricken years.
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