The Lucio Tan group’s wunderkind Lucio Tan III took another key post in the diversified conglomerate as he was appointed president of PAL Holdings Inc., taking over the post from his grandfather Dr. Lucio C. Tan.

The patriarch retained his role as chairman and chief executive officer.

“As the newly designated president of PAL Holdings, I am committed to providing stability and upholding the highest level of 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,” Tan said.

The heir of the huge LT empire said he aims to foster a culture of transparency, accountability and long-term value creation at the company.

PAL Holdings registered a total consolidated operating income of P17 billion in 2022, a turnaround from an operating loss of P4 billion in 2021.

“I am grateful to our shareholders, our customers, the flying public, for their trust and support. We face major challenges just the same. We need to rebuild our product and our fleet. Philippine Airlines needs to be a stronger competitor and a leader in service and innovation,” chairman Tan said.

PAL Holdings is the parent firm of PAL and another subsidiary Air Philippines Corporation.

Strategic leadership positions

Lucio III recently assumed the presidency at the Lucio Tan Group.

He replaced his uncle Michael Tan, who had been LTG president since 2010 and had helped the company transform into a multi-billion pesos conglomerate.