Vivienne Tan takes more active role in LT Group
Vivienne Tan, daughter of taipan Lucio Tan, has joined PAL Holdings Inc. as treasurer, taking a more active role in the companies owned by her father.
PAL Holdings is the listed parent firm of the taipan’s flag carrier Philippine Airlines.
Vivienne was elected treasurer during the organizational meeting of the board of directors of the company last Thursday fol- lowing the company’s annual shareholders meeting.
Also elected as officers of PAL Holdings were Lucio Tan as chairman and CEO; Jaime Bautista as president and COO; Ma. Cecilia Pesayco as corporate secretary; and Susan Lee as chief finance officer and compliance officer.
Elected to the board of directors were Lucio Tan as chairman; and Jaime Bautista, Carmen Tan, Lucio Tan Jr., Michael Tan, Cirilo Noel and Ryuhei Maeda as directors.
Maeda is a representative of Japan’s All Nippon Airways – PAL’s new strategic investor – to the board. Johnip Cua and Gregorio Yu, meanwhile, were elected as independent directors.
John Tan, son of the taipan, was part of the previous board but was not re-elected to this year’s board during the Thursday meeting.
In early May, Vivienne was also named director of LT Group Inc., the listed conglomerate of the taipan, marking her entry to LTG’s board.
Since December 2017, she has also been a director of the Philippine National Bank, the taipan’s listed banking giant.
The taipan’s daughter also sits on the board of the Tan-owned University of the East and the University of the East Ramon Magsaysay Memorial Medical Center.
Industry sources said there could be more changes in other Tan-owned companies as Vivienne is reportedly seeking more roles in the different companies owned by her father. Michael Tan Bong Tan
For many years now, Tan’s sons are the ones playing key management roles in the taipan’s companies.
Lucio “Bong” Tan Jr. is president of Tanduay Distillers Inc., while Michael Tan is president and COO of LTG.
But for the most part, the taipan remains chairman of most of his companies.
Lucio Tan, 84, has a sprawling conglomerate with various businesses – from tobacco, beer to banking, to Greek-style yoghurt and skyscrapers.
His listed holding company is LTG whose businesses are banking through PNB, tobacco through PMFTC; liquor through Tanduay Distillers Inc.; property development through Eton Properties Philippines Inc. and beverage through Asia Brewery Inc.
PAL Holdings and PAL are not part of LTG, but has been owned by Tan since the early 2000s when PAL was privatized.
LTG, the listed conglomerate, reported a strong double-digit first quarter growth of 22 percent to P4.42 billion from P3.63 billion, sustaining its strong growth momentum.
The tobacco business led the growth, accounting for P2.84 billion or 64 percent of total attributable income.