Bilyonaryo - Business

Lucio Tan empire realignment: Michael Tan to remain as director, Asia Brewery chief as Kapitan’s apo takes over as LT Group president

April 11, 2023

Bilyonaryo.com

The eldest son of ultra bilyonaryo Lucio “Kapitan” Tan will continue to play a part in the family’s vast business holdings even after he steps down as president of the LT Group (LTG).

A Babbler said Michael Tan will remain as LTG director and president and COO of Asia Brewery Inc., LTG’s beverage arm, after his nephew, Lucio Tan III, is promoted as president of the holding firm during the annual stockholders’ meeting on May 3.

The 57-year old Michael has been president of LTG since 2010. Lucio III was named vice chairman and COO in 2022.

“The family basically wants to keep the status quo while the third generation members earn their spurs. It will be a mix of family members and professional managers leading the subsidiaries. But Kapitan (the chairman who has attended all of LTG’s 2022 board meetings online) and Carmen (Kapitan’s wife and vice chairman) will still have the final say,” said Babbler.

“Each business will be assessed based on their bottomline. Lucio III wants a results-oriented business,” Babbler added.

Lucio III will also remain president of Tanduay for one more year before he gives way to his younger brother Kyle, who is currently executive vice president of the rum company.

Babbler said the family believes Lucio III is more than capable of assuming a greater role in the business more than three years after the untimely death of his father, Bong Tan, in 2019, which thrust the 30-year-old Stanford graduate into the limelight.

Related News Tags: Asia Brewery, LT Group (LTG), Lucio Tan, Lucio Tan III, Michael Tan

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