At 86, Taipan Lucio Tan Named Chairman, President, CEO, and COO of PAL Holdings After Children Quit Board
Turbulence in the boardroom appears to be troubling Philippine Airlines.
In a public disclosure on the stock exchange, PAL Holdings Inc. announced that taipan Lucio C. Tan has been named the company’s chairman, president, CEO, and COO of PAL’s board for the ensuing year.
Tan, also known as Kapitan, is 86 years old.
This news comes just days after PAL announced that Tan’s children, Vivienne Tan and John Tan, withdrew their nominations from the 2020-2021 board elections. In a public disclosure, the company cited “personal reasons” as a cause for their surprise exit.
With two of his children leaving the board, the Tans that remain in PAL management are: the taipan’s first wife, Carmen Tan; grandson Lucio “Hunhun” Tan III, son of Tan’s late heir Lucio “Bong” Tan II who passed away in 2019; and Tan’s son-in-law Joseph T. Chua.
Lucio Tan is listed as the sixth richest person in the Philippines by Forbes with a net worth of $3.6 billion. He is among the last of the taipans after six passed away within the last five years: Andrew Goatianun, Alfonso Yuchengco, George Ty, Henry Sy, and John Gokongwei.
Philippine Airlines has been hit hard by the ongoing pandemic, and PAL Holdings reported that the company’s losses amounted to P9.4 billion in the first quarter of 2020 alone.
Tan built his family empire after immigrating to Cebu from Fujian, China as a child and working odd jobs to get by. He now heads the LT Group, which has interests in tobacco, spirits, banking, and property.