A septuagenarian tycoon seriously contemplating retirement; a sprawling business empire’s new millennial boss and a happy lunch show experiencing a dramatic takeover. These and more are just some of the recent developments in business which may or may not be as heated as this sweltering summer of ’23.
Hot or not, such leadership changes have caught the attention of kibitzers.
MVP on retiring and being ancient but wise
Tycoon Manuel V. Pangilinan playfully bade us journalists goodbye during last week’s press conference of Metro Pacific, the conglomerate he plans to delist. The quarterly media briefings will be a thing of the past once the company goes private, he says.
He also talked about retirement more seriously than before but it’s hard to imagine MVP stepping down. He’s known to be working all the time – “six and three quarter days a week,” as the WSJ once noted.
But he did say he will retire “eventually,” noting that he is not getting any younger and that he wants to take care of his family.
Perhaps the planned delisting of Metro Pacific is one of the first steps in his exit or succession plan.
“I’m also getting frankly quite tired of being ‘Pangilinan-led,’ that sort of thing. I want to be identified as an owner as well,” he said.
I asked him how far or how soon his retirement would be and where he would retire – Hong Kong, US or in Manila?
MVP replied, “Can I quote Biden?”
The 80-year-old POTUS, during a recent White House dinner, joked about his old age — a crucial voter concern regarding his plans to seek a second term.
“They say I’m ancient; I say I’m wise. They say I’m over the hill; Don Lemon would say, ‘That’s a man in his prime’.”
Lucio Tan III, the new chaebol boss
The sprawling business empire of taipan Lucio Tan has officially transitioned its leadership to Tan’s millennial grandson, the 30-year-old Lucio Tan III after last week’s annual stockholders meeting.
The Chinese gods say it’s a good year for transition. 88 in Chinese is a lucky number and that’s how old the taipan is.
Indeed, LT3 is lucky to be coming in at this time. He has stood on the shoulders of giants. His grandfather built the empire from just a small chemical trading firm in the 60s; his late father Bong led many of the businesses, while his uncle Michael built on that foundation and brought the conglomerate to even greater heights.
And as if it isn’t enough the Chinese gods are on his side, LT3 also charmed netizens after last week’s news of his ascent to the throne. Some called him “The Bachelor.” Others used the term “chaebol,” perhaps seeing the good-looking young Lucio as some South Korean matinee idol.
But on a more serious note, questions remain. What happens to Kapitan Lucio Tan? He is still the CEO of most of his companies. And yet, Kapitan is no longer visible in public whereas before the pandemic, he was a fixture in golf clubs, his Century hotel and other big events. Some of those close to him have not seen him for three years now. The last I heard, he has been healthy, traveling again and dining out with his first family.
And then there are the challenges.
Nobody is doubting LT3’s capability but there will be challenges for sure and it’s not just filling big performance shoes but addressing the complexities in the empire.
It’s not uncommon to hear inside stories that would make HBO’s Succession pale in comparison. All the elements are there – a complicated web of family relations, power struggle, jealousy, money and more money. These problems have hindered the growth of the group.
In the past, there were jaw-dropping stories of side businesses perpetuated by people close to the taipan, at the expense of this company or that, including Tan-owned companies outside the country.
Such nuances, if these still exist, could be a source of not just revenue leaks but problems. It would be up to the young Lucio to address these. He’s already done an excellent job at Philippine Airlines, together with Capt. Stanley Ng, in addressing its decades-old problems.
Perhaps, LT3 can take a hint from Bob Dylan’s Changing of the Guard and stay on guard. The song talks about moving through this world and somewhere along the way, Dylan ponders on the call of fortune and “stepping forth from the shadows to the marketplace.”
What does Dylan find there?
“Merchants and thieves, hungry for power.”
Eat Bulaga!
Both business and show biz observers are watching with bated breath what will happen to the country’s longest running noontime show Eat Bulaga! As I wrote last week, the Jalosjos family has taken over from the leadership of media tycoon Antonio Tuviera quite abruptly. Some readers asked me for more details.
Bullet Jalosjos, son of Romeo Jalosjos Sr., explained that the family which owns the majority of Eat Bulaga! producer TAPE Inc. wants to be more involved in running the show.
“We haven’t been visible, we haven’t been felt, and ngayon, we need all the help we can get,” said Bullet, who is the CFO of Tape, in an April interview on GMA-7.
He also assured the public that under the Jalosjos leadership, it would be “a more improved Eat Bulaga! with “bigger prizes and more exciting segments.”
What does the show’s hosts, employees and the audience have to say about this? That, we’ll have to wait and see.
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Email: eyesgonzales@gmail.com. Follow her on Twitter @eyesgonzales. Column archives at EyesWideOpen on FB.