Lucio Tan’s wife Carmen eyed as LT Group vice chair

MANILA, Philippines — Taipan Lucio Tan is expected to name his wife Carmen as vice chairman of his listed conglomerate LT Group Inc. (LTG), The STAR learned.

The move is part of ongoing changes and new appointments in the taipan’s multibillion-dollar empire.

Carmen, who is already part of the LTG board, is expected to be named vice chairman as soon as the Securities and Exchange Commission (SEC) approves the amendment to the company’s by-laws creating the position.

LTG’s board of directors, chaired by Tan himself, restored the position of the vice chairman, which is basically to help the chairman.

The position was present before and was held by Tan’s brother Harry, but was abolished later on when the holding company was renamed from Tanduay Holdings.

The vice chairman will preside over board meetings, a role previously given to the president of the company.

The STAR reported earlier that in a meeting on Tuesday last week, the LTG board agreed to “restore the position of vice chairman in its corporate structure.”

Thus, the listed conglomerate has amended its by-laws and is now seeking SEC approval for the amendments.

According to the amendments, the vice chairman “shall preside at all meetings of the stockholders and the board of directors in the absence of the chairman.”

The vice chairman will also call for meetings if necessary and in the absence of the chairman.

“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 in the proposed amendments disclosure.

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

LTG is Tan’s listed conglomerate. Its businesses are banking through Philippine National Bank, tobacco through PMFTC, liquor through Tanduay Distillers Inc., property development through Eton Properties Philippines Inc. 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 Tan’s wife Carmen, his brother Harry and children Bong, Vivienne and Michael. Other members are Juanita Tan Lee, Johnip Cua, Mary Go Ng, Wilfrido Sanchez and Florencia Tarriela.

Carmen’s first appointment to LTG was in 2010, according to the company’s 2018 annual report. She is also a director of Asia Brewery Inc., The Charter House Inc., Foremost Farms Inc., Philippine Airlines Inc., PAL Holdings Inc., Air Philippines Corp., Fortune Tobacco Corp., Tanduay Distillers Inc., Himmel Industries Inc., Lucky Travel Corp., Progressive Farms Inc., MacroAsia Corp., Philippine National Bank and PMFTC Inc.

Her appointment once completed, marks yet another movement among many changes in Tan’s empire over the past several weeks.

Philippine Airlines Inc., the Tan-owned flag carrier, is already in transition with its president and COO Jaime Bautista retiring.

PAL announced that Tan’s daughter Vivienne has been named officer-in-charge of the company. She was also named PAL Holdings treasurer last month and executive vice president, treasurer and chief administration officer of PAL.

She has also been named director of LTG last May.

At PAL, Vivienne has been instrumental in sealing a landmark five-year collective bargaining agreement between PAL management and the PAL Employees Association (PALEA) for enhanced employment terms for the PALEA members.