Lucio Tan’s Grandson Appointed as LT Group Inc.’s Vice Chairman and COO

Tycoon Lucio Tan’s grandson and former director, Lucio C. Tan III replace his uncle Michael G. Tan as LT Group Inc. (LTG)’s vice chairman and chief operating officer (COO). Announced after the company’s annual stockholders’ meeting last Wednesday, Tan III’s new appointment as vice chairman and COO was effective immediately.

Tan III is the late Lucio “Bong” Tan Jr.’s son, who was LT Group’s former director and the tycoon’s son. Tan III states, “I am very grateful for the trust and confidence of the chairman and the board of directors. I am fortunate to be working with the best minds in business, who have helped create a leadership succession plan that will ensure stability and business continuity for the LT Group,”

Tan III’s predecessor and uncle, Michael G. Tan will be turning over the president’s functions and will be sharing decision-making for operational and business matters during Tan III’s transition period.

Tan III is the director of Philippine National Bank (PNB), Lufthansa Technik Philippines, PAL Express, Eton City, First Homes Inc., Belton Communities Inc., MacroAsia Properties, MacroAsia SATS Inflights Services, MacroAsia Airport Services Corp., MacroAsia Catering Services Inc., and MacroAsia Corp. He is also a director and vice president of Philippine Airlines (PAL) and vice president of PAL Holdings.

Meanwhile, as the president and COO of Tanduay Distillers, Tan III was able to guide the company through the pandemic and boosted its net income up to P1.2 billion last 2021 and P1.1 billion in 2020. Tanduay’s international business was also able to grow through partnerships and aggressive marketing expansion.

Tan III expects 2022 to be a better year than 2021 as the economy reopens more, along with more people getting vaccinated. He says, “…The opening up of the economy means that the purchasing power of consumers will improve and bodes well for our different businesses,”

He states, “This should mean increased demand for the products of PMFTC, Tanduay, and Asia Brewery. Eton should have higher occupancy rates, but it will take time for the fit-outs of new office and retail tenants. An improved economy will also mean less non-performing loans and higher margins for PNB.”

Source: BusinessMirror