Lucio Tan Jr. named as PAL Holdings president
MANILA, Philippines (Update 2, 12:08 p.m.) — Tycoon Lucio Tan’s son and namesake, Lucio “Bong” Tan Jr., has been named as president of PAL Holdings Inc. — the publicly-listed parent of flag carrier Philippine Airlines.
In a disclosure to the stock exchange Tuesday, PAL Holdings said its Board of Directors approved on Monday, October 28, the appointment of the younger Tan.
The Board also approved the resignation of Gilbert Sta. Maria as president of PAL Holdings. Sta. Maria cited “personal reasons” for his abrupt departure from his post.
In an emailed statement to reporters, PAL clarified that Sta. Maria — who presented to the company’s Board on Monday his 90-day report on PAL and his “turnaround plan” for the airline — will remain as the flag carrier’s president and chief operating officer.
Asia’s oldest airline has undergone a major leadership revamp after Sta. Maria’s predecessor, Jaime Bautista, retired last July “to spend more time with his family.”
Last year, London-based Skytrax certified PAL as a four-star carrier, making it the only four-star airline in the country.
PAL aims to be a certified five-star carrier by 2020.
Editor’s note: An earlier version of this article reported that Glibert Sta. Maria has resigned as president of PAL. The latest update was made to reflect clarifications made by PAL regarding the state of affairs at the national flag carrier.
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