In a disclosure to the stock exchange, LT Group, Inc. (LTG) said Lucio “Hun hun” C. Tan III was appointed on Monday as director, president and chief operating officer of Tanduay Distillers, Inc. (TDI), taking over the posts of his late father. The 27-year old Hun hun was also elected as director at LTG, replacing his father. In a separate disclosure, PAL Holdings, Inc. (PHI) said the younger Tan was elected as board of director, as well as in its subsidiaries PAL and APC, and in listed MacroAsia Corp. — another firm owned by his grandfather. MacroAsia did not disclose any such announcement yesterday.PAL Holdings said Hun hun obtained his Master’s Degree in Computer Science from Stanford University in 2017, and his Bachelor’s Degree in Electrical Engineering from the same university in 2015. Hun hun was also elected as director of Air Philippines Corp. Meanwhile, Michael G. Tan, Lucio’s son and LTG president and chief operating officer, has resigned from the board of PAL Holdings. He was replaced by his brother John G. Tan, who was director at TDI from 2015 to 2018 and vice-president for operations at PAL from 2009 to 2012. For Philippine Airlines (PAL), Lucio’s wife Carmen K. Tan has been appointed as vice chairman. Former central bank governor Amando M. Tetangco, Jr., who resigned as independent director earlier this month, was replaced by Mark C. Chen.
PAL and Air Philippines Chief Finance Officer Celeste C. Mutuc also resigned from her posts due to health and personal reasons. She will be replaced by Nilo Thaddeus P. Rodriguez as acting CFO, based on a statement by PAL yesterday. Mr. Rodriguez was CFO at SGV & Co. from 1990 to 1992 and held finance positions at Hilton Nagoya, Benguet Corp. and Accenture Philippines. Following the announcements, shares in LTG at the stock exchange slipped 0.22 points or 1.88% to P11.50 each, while shares in PHI were unchanged at P7.40 apiece. — Denise A. Valdez