Tycoon Lucio Tan Sr. took over the leadership of flag-carrier Philippine Airlines’ parent PAL Holdings Inc., a position vacated by his son and namesake who died last year.
PAL Holdings told the stock exchange on Wednesday that Tan was appointed by the board of directors during a meeting on 18 February as the company’s president “on concurrent capacity” to his role as the firm’s chairman.
In November 2019, Lucio “Bong” Tan Jr., who was then president of PAL Holdings, died due to brain herniation after he collapsed during a basketball game.
The company recently bared plans to revamp PAL’s leadership to fight off competition from budget airlines and aim for a 5-star rating, the highest score from aviation industry tracker Skytrax.
Capital ramped up
On Tuesday, PAL Holdings announced that stockholders of Philippine Airlines approved the increase of the flag carrier’s authorized capital stock from P13 billion to P30 billion to sustain profitability.
PAL Holdings Inc. earlier reported a net loss of P7.86 billion in the first nine months of 2019, up 139 percent from a P3.29-billion loss in the same period in 2018.
Consolidated revenues in the January-to-September period reached P117.92 billion, up 5.6 percent from P111.62 billion previously.
Meanwhile, PAL Holding’s consolidated operating expenses rose 2.2 percent to P117.13 billion from P114.67 billion in 2018.