LT Group restores vice chairman position

MANILA, Philippines — Lucio Tan-owned LT Group Inc. is expected to name a vice chairman in what is seen to be among the many changes that will be implemented by the taipan’s multibillion-peso empire.

LTG’s board of directors, chaired by Tan himself, restored the position of the vice chairman, which could clip the power of the company president to preside over board meetings.

In a meeting Tuesday, the board agreed to “restore the position of vice chairman in its corporate structure.

Under the amended by-laws, the vice chairman “shall preside at all meetings of the stockholders and the board of directors in the absence of the chairman.”

The amendments also gave the vice chairman the power to preside over regular meetings of the board, a role previously given to the president of the company.

“Regular meetings of the board of directors shall be held as and when necessary at such times and places as the chairman of the board or in his absence, the vice chairman may determine, or upon the request of a majority of the directors and shall be held at such places as may be designated in notice,” LTG said.

Previously, this role belonged to the president, in the absence of the chairman.

LTG is engaged in banking through Philippine National Bank,  tobacco through PMFTC, liquor through Tanduay Distillers,  property development through Eton Properties Philippines and beverage through Asia Brewery Inc.

It is currently headed by Tan as chairman and CEO and his eldest son Michael as president and COO.

Its board is composed of Carmen Tan, Harry Tan, Lucio Tan Jr., Vivienne Tan, Michael Tan, Juanita Tan lee, Johnip Cua, Mary Go Ng, Wilfrido Sanchez and Florencia Tarriela.

Tan-owned Philippine Airlines is also in the midst of a major shake-up. Its president and chief operating officer Jimmy Bautista is retiring at the end of the month with Tan’s daughter Vivienne named as the officer-in-charge.

It is not clear if she will also be named vice chairman of LTG but the US-educated daughter of the taipan has clearly been taking on a more active role in the empire of her father over the past several months.

She has been named director of LTG last May, director and treasurer of PAL Holdings also last month and executive vice president, treasurer and chief administration officer of PAL.