PAL Holdings, Inc. named Lucio K. Tan, Jr. as its new president, after the resignation of Gilbert Gabriel F. Santa Maria just three months after his appointment.

In a disclosure to the stock exchange, the parent company of Philippine Airlines (PAL), Inc. said Mr. Santa Maria resigned on Oct. 28 due to “personal reasons.”

During a board meeting on the same day, PAL Holdings elected Mr. Tan as its new president.

However, PAL Holdings later clarified that Mr. Santa Maria “remains as president and COO (chief operating officer) of the operating company, PAL, Inc.”

“Furthermore, at the joint Board of Directors meeting of PAL Holdings, PAL, Inc. and Air Philippines Corp. (APC) held yesterday, 28 October 2019, Mr. Sta. Maria presented his 90-day report on PAL, Inc. as well as his turnaround plan for PAL, Inc. which is due for implementation this coming year 2020. His presentation was well received by the joint Boards,” the listed company said.

In late July, PAL Holdings named Mr. Santa Maria as its president. He was handpicked by PAL Chairman and Chief Executive Officer Lucio C. Tan to replace Jaime J. Bautista who retired in June.

Mr. Santa Maria was previously the chief operating officer of DC-based IBEX Global Solutions PLC, and California-based IQ BackOffice, Inc.

PAL Holdings’ attributable net loss widened to P3.33 billion in the first half of 2019, from P1.4 billion during the same period a year ago. Consolidated revenues rose 8.6% to P81.25 billion during the period, mainly due to additional flight frequencies.

Shares in PAL Holdings fell 1.24% to close at P7.90 apiece on Tuesday. — Arjay L. Balinbin