Movers

Lucio Tan's Grandson Is Now Vice Chairman and COO of LT Group

He’s 30 years old.
IMAGE SCREENSHOT
Comments

Lucio Tan III, the 30-year-old grandson and namesake of the Filipino-Chinese tycoon who owns and controls Philippine Airlines (PAL), Fortune Tobacco, Asia Brewery, and many others, has been named vice chairman and COO of the LT Group. The announcement was made following a meeting of the company’s board of directors on Wednesday (May 4). 

Also announced was the appointment of the senior Tan’s son Michael G. Tan as president of the company, although, according to the release, Tan III will assume the position of president and COO of the conglomerate “no later than April 20, 2023.

“During this transition period, Michael G. Tan will progressively turn over the functions of the President to Lucio C. Tan III and they are expected to share decision-making for business and operational matters,” the release said.

“I am very grateful for the trust and confidence of the Chairman and the Board of Directors,” Tan III said. “I am fortunate to be working with the best minds in business, who have helped create a leadership succession plan that will ensure stability and business continuity for the LT Group.”

Lucio Tan III, or Hun-Hun to his close friends and family, is also president and COO of Tanduay Distillers and was already named VP of listed PAL Holdings last year. He also serves as a director of the other units of the LT Group, including PAL Express, Philippine National Bank, MacroAsia Corporation, Lufthansa Technik Philippines, MacroAsia Catering Services, Inc., MacroAsia SATS Inflight Services Corp., MacroAsia Airport Services Corp., MacroAsia Properties Development Corp., Belton Communities, Inc., Eton City, and First Homes, Inc.

ADVERTISEMENT - CONTINUE READING BELOW

“As President and COO of Tanduay Distillers, he steered the company throughout the pandemic and managed to boost its net income to historic levels of P1.1 billion in 2020 and P1.2 billion in 2021,” the release said. “Under his leadership, Tanduay’s international business continued its growth trajectory through aggressive marketing expansion and partnerships with top global distributors.”

Tan III is the son of Lucio “Bong” Tan Jr, who passed away in November 2019. After graduating with a computer engineering degree from Stanford University in 2015, he pursued a master’s degree in computer science and worked as an intern at Apple, Facebook, and ride sharing company Lyft before finally coming back to the Philippines to join the family business.

With a net worth of around $1.1 billion, 87-year-old Lucio Tan is one of the richest men in the Philippines. He ranked number 12 in Forbes magazine's list of richest Filipinos for 2022, tumbling from third place from the last year's rich list.

In September 2021, Tan III appeared in a video message with his grandfather for PAL. Laying out the company’s restructuring plans after its Chapter 11 bankruptcy filing in New York, the video was widely seen as the senior Tan’s tacit endorsement of Tan III as his heir apparent.

 

CONTINUE READING BELOW
Recommended Videos

Discover the best of culture, business, and style from Esquire Philippines. Visit Quento for more stories and subscribe to our YouTube channel for new videos. 

Comments
View More Articles About:
More Videos You Can Watch
About The Author
Paul John Caña
Associate Editor, Esquire Philippines
View Other Articles From PJ
Latest Feed
Load More Articles
Connect With Us