Succession

A real life succession “drama” continues to unfold locally, capturing the attention of the business community, just as much as the HBO fictional drama series also continues to grip cable and streaming services subscribers.

Lucio “Han” Tan III, after three years of immersion and preparation, is finally set to formally assume the reins of LT Holdings next month, assuring that the change is more of a formality and that things would basically continue as it has, with the family operating as a team to stir the group to maximize all of its assets.

He vows to always listen to the team and that while he may sometimes come up with an answer that is “unpopular” to the team, “they will always understand where I am coming from.”

The quiet transition is perhaps a testimony to both Han and his Uncle Mike who have chosen to go about business as usual despite some attempts to stir up some “spice” between them.

His grandfather, he reveals, is quite healthy even though the family prefers not to bother him with the day to day operations of the group.

More social

I met Han about a year ago after pandemic restrictions were loosened after two years of  COVID-19.  At our initial meeting, Han was already self-possessed and impressive, even though he was still quite nervous and careful about his statements as he still had a lot of learning to do and was only beginning to venture out and meet more of the group’s officials and stakeholders.

In May 2022, Han had already spent about two years in the Philippines after coming home in 2020 following the unexpected death of his father, Lucio “Bong” Tan Jr., in November 2019. According to Han, the onset of COVID-19 forced him to immediately focus on the LT Group of Companies as mobility restrictions were enforced for two years. Socialization at that time had to be put on hold and he spent most of his time with his family and, along with his brother Kyle,  focused on exercising and lifting weights.

A year later, we meet again, but this time Han is now more relaxed, has gained a few more pounds, and is more clear about the direction the LT Group will take now that he has had more time to oversee more of  the group’s various businesses – from Asia Brewery Inc. to Philippine Airlines and Philippine National Bank.

Han admits that after three years of transitioning, it was easier than he had initially thought, allowing him to finally start socializing – hanging out with former Stanford University alumnus Kevin Yang, son of Kenneth Yang and grandson of McDonald’s franchise holder George Yang.

Han’s stomping ground is Bonifacio Global City, even though he lives in the family compound in Quezon City.

His favorite cuisine is Japanese and he frequents Ogawa. However, Han is also a Shake Shack burger denizen. But surprisingly, he also admits that second to Japanese cuisine, Indian food is also his favorite and he likes Bollywood’s Indian cuisine.

In with the Big Boys

While the 30-year-old Han has finally started hanging out with his own age group, he has also been quietly busy taking his seat with the Big Boys of the business community,  joining the high-powered group of taipans who accompanied President Marcos in his presidential trips to Davos and Japan.

He is also a member of the tourism cluster of the Private Sector Advisory Council (PSAC), along with Lance Gokongwei and Frederic Go, rubbing shoulders with Enrique Razon and Sabin Aboitiz. He is now on first name basis with some of them, but accords more respect to the more senior in the group.

Of course, Han joins the Big Boys club with the pedigree of his grandfather.

Being part of the tourism cluster, Han reveals that their discussion center on immediate “wins” to improve the country’s airport facilities and on the necessity of welcoming all airport projects to provide scalability as the tourism industry grows.

New directions

For the LT Group itself, Han, in broad strokes, sees the group possibly embarking in new business direction in energy and digitalization of its operations, particularly in manufacturing, in PAL and in PNB.

He sees a lot of potential particularly in PNB Holdings’ various assets and the need to maximize profits from those.