Lucio Tan III, grandson of tycoon Dr. Lucio C. Tan, Sr., has been appointed vice president of PAL Holdings, Inc.
Tan III’s appointment was approved by the Board of Directors on May 26, 2021
He first joined PAL Holdings in December 2019 as director
Lucio Tan III, grandson of tycoon Dr. Lucio C. Tan, Sr., has been appointed vice president at PAL Holdings, Inc.
Tan III’s appointment was approved by the Board of Directors on May 26, 2021, PAL Holdings said in a disclosure to the Philippine Stock Exchange. The appointment took effect on the same day.
He first gained entry into PAL Holdings as well as its subsidiaries Philippine Airlines (PAL) and Air Philippines Corp as director in December 2019.
PAL is currently working on a comprehensive recovery and restructuring plan that will allow the airline to emerge financially stronger from the COVID-19 pandemic.
PAL has incurred a total comprehensive loss of P29.03 billion in the first nine months of 2020, 269% higher than the P7.86 billion loss it incurred in the same period last year. It has yet to report its full-year 2020 financials.
While PAL has not detailed its restructuring plan, Finance Secretary Carlos Dominguez III last November said the airline had informed the Department of Finance that it plans to seek court protection from creditors.
PAL president Gilbert Santa Maria said they have downsized their fleet by returning planes and had been talking with lessors to preserve cash.
Moreover, PAL senior vice president and chief strategy and planning officer Dexter Lee said the carrier will continue to expand the cargo business, which has become a “lifeline” during the COVID-19 pandemic.