Dr. Lucio C. Tan, Sr. has been appointed president of PAL Holdings, Inc. (PHI), the parent firm of flag carrier Philippine Airlines (PAL).
Tan Sr. fills the position vacated by his late son, Lucio K. Tan, Jr., who passed away in November last year.
Tan Sr.’s appointment as president, which was approved by the Board of Directors in a meeting on February 18, is concurrent with his position as PHI chairman, the company said in a disclosure to the Philippine Stock Exchange.
The PHI board in the same meeting also approved the amendment of Article 6 of the Articles of Incorporation to increase the number of directors from nine members to 11.
Moreover, stockholders of PAL in a meeting on the same date approved the increase of the authorized capital stock to P30 billion from P13 billion, and the amendment of Article 7 of the Articles of Incorporation of PAL for this purpose.
PHI and PAL have had several changes in its board and management since last year.
READ: Lucio Tan’s grandson takes key posts in family enterprises
PAL said it is embarking on a digital transformation as a strategy to reduce costs and return to profit after registering losses since 2016.
READ: PAL to unveil digitalization plan to return to black
PAL operates a fleet of almost 100 aircraft operating domestic and international flights.
Photo courtesy of LT Group, Inc.
