Tycoon Lucio Tan’s grandson Lucio Tan III was elected as director of both the LT Group and PAL Holdings.

The filing from the listed firm LT group show the respective boards approved the appointment of Tan III as director.

The Tan businesses said the grandson was also appointed in positions vacated by his late father Lucio “Bong” Tan Jr.

Aside from the holding firms, Tan III was also elected as director of MacroAsia Corp, Tanduay Distillers Inc, Philippine Airlines and Air Philippines Corp. as well as PAL Holdings.

Last week, Carmen K. Tan was also appointed vice-chairman of the Philippine Airlines.

Tan Jr. died in November after collapsing during a basketball game. He was 53.

In a recent filing, the LT group said its net income in the first nine months this year reached P14.7 billion, P2.2 billion or 17 percent higher than in the same period last year.

This was driven by the strong performance of the company’s banking and tobacco businesses.

Meanwhile, PAL Holdings told regulators its incurred losses from January to September this year totaling P8.49 billion. This equates to a 116.6 percent downturn year-on-year.

The sharp fall in profits came despite the 5.6 percent increase in revenues during the nine months.