Lucio Tan III appointed vice president of PAL Holdings Inc.

Lucio Tan III, grandson of taipan Lucio Tan, will occupy a key position in PAL Holdings Inc, the listed operator of Philippine Airlines.

In a disclosure to the stock exchange on Thursday, the company announced the appointment of the younger Tan as company vice president.

PAL is currently undergoing “a comprehensive restructuring plan” meant to help it recover from a pandemic-induced crash after lockdowns killed travel demand.

The carrier has not released many details about its recovery plan but multiple reports have said that its strategy includes a Chapter 11 filing in the US, a form of bankruptcy that seeks creditor protection while the restructuring program is ongoing, and a downsizing of its fleet.

Tan will be handling the difficult task of helping PAL recover. Prior to his new appointment, he had been taking in more roles in his grandfather’s business empire, including occupying a seat at the board of the Philippine National Bank. He was also appointed president and chief operating officer of rum maker Tanduay Distillers Inc in late 2019.

SOURCE: Phil Star