Lucio Tan’s Son Named New President of PAL Holdings
UPDATED
Philippine Airlines (PAL) has appointed Lucio Tan’s son as the new president of PAL Holdings, the holding company of the nation’s flag carrier.
Lucio Tan Jr replaces Gilbert Sta. Maria, who was appointed by the senior Tan himself just over three months ago.
PAL, however, said that Sta Maria will remain president and COO of the company's operations arm Philippine Airlines Inc.
The announcement was made in a disclosure to the Philippine Stock Exchange on Tuesday, October 29. The company said Sta. Maria tendered his resignation during a meeting of the board of directors of PAL Holdings Inc. held Monday. He was immediately replaced by Tan Jr.
Also announced during the board meeting was the election of Joseph T. Chua as director, and the appointment of Chua and Johnip G. Cua as members of the company’s corporate governance committee.
Lucio "Bong" Tan Jr., shown here during a UAAP game earlier this year
In a follow-up disclosure to the PSE, PAL Holdings said Sta. Maria presented to the joint boards of PAL Holdings, PAL Inc. and Air Philippines Corp his 90-day report on PAL, Inc. as well as his turnaround plan for PAL, Inc. which is due for implementation in 2020. The company noted that Sta. Maria's presentation was well received by the joint Boards
Sta. Maria was named president and chief operating officer of PAL in July this year, replacing the senior Tan’s daughter Vivienne Tan, who had served as officer-in-charge after the retirement of longtime president Jaime Bautista in June.
A report on Rappler said Sta. Maria cited “personal reasons” for his resignation.
Tan Jr, who is more commonly known as Bong Tan, was also named head coach of the University of the East basketball team last September, soon after the departure of Coach Joe Silva a week before the start of Season 82 of the UAAP.
