PAL Holdings Inc. (PHI) has announced a significant leadership change with the appointment of the 30-year old apo of ultra bilyonaryo Lucio “Kapitan” Tan as its new president.
This appointment of Lucio Tan III comes as Kapitan maintains his position as chairman and chief executive of PHI, parent firm of Philippine Airlines (PAL) and Air Philippines.
This transition of power follows a recent changing of the guard within the LT Group, where Lucio stepped into the role of president, replacing his uncle Michael G. Tan.
As the newly anointed president of PHI, Lucio is driven by a deep commitment to instilling stability and upholding unwavering integrity within the company
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,” said the eldest son of the late Lucio “Bong” Tan II.
“We also aim to safeguard our shareholders’ investments by fostering a culture of transparency, accountability, and long-term value creation,” he added.
Amid this leadership transition, PHI has witnessed a remarkable turnaround in its fortunes, with a consolidated operating income of P17 billion in 2022, a stark departure from the P4 billion operating loss endured in 2021 due to the successful implementation of PAL’s financial restructuring plan and the resurgence in demand for air travel as travel borders reopened.
However, Lucio acknowledges that there are significant challenges to be faced moving forward. Rebuilding the company’s product offerings and fleet, while establishing Philippine Airlines as a formidable competitor and a trailblazer in service and innovation, rank high on the agenda.
Grateful for the trust and support extended by shareholders, customers, and the flying public, Lucio sees the need for constant growth and improvement in an industry as fiercely competitive as aviation.
