PHILIPPINE Airlines (PAL) operator PAL Holdings, Inc. is preparing for the daughter of Chairman and Chief Executive Officer (CEO) Lucio C. Tan to take the reins of the company, following the retirement of President and Chief Operating Officer Jaime J. Bautista.
In a statement Tuesday, the listed company said PAL Executive Vice-President Vivienne K. Tan has been named the officer-in-charge (OIC) after Mr. Bautista, 62, filed for retirement.
“The airline said Chairman and CEO Dr. Lucio C. Tan and members of the PAL board of directors have accepted Mr. Bautista’s retirement after he expressed his desire to spend more time with his family,” the statement read.
The flag carrier noted it will be “business as usual” despite the changes in leadership in the company. All concerns that were previously assigned to Mr. Bautista as PAL president will now be redirected to Ms. Tan.
“As this is the beginning of (Mr. Bautista’s) retirement life with his family, let it also be the beginning of even greater dreams for PAL and all PALers,” Ms. Tan was quoted in the statement as saying.
“On behalf of my father, I am asking all of you to continue working towards our goals. I am personally committed to working with all of you hand in hand and build on what we have already accomplished,” she added, addressing PAL employees.
On top of her new role in PAL, Ms. Tan is a sitting board member at the family’s holding firm LT Group, Inc.; Philippine National Bank; Eton Properties Philippines, Inc.; Dynamic Holdings Ltd.; University of the East; and University of the East Ramon Magsaysay Memorial Medical Center.
PAL is eyeing to secure a five-star airline rating from Skytrax next year, after it was conferred the four-star title last year. It is expanding regional routes and long-haul flights with the expected delivery of additional aircraft through 2024.
The listed firm booked an attributable net loss of P838.17 million in the first quarter, lower by 24.3% compared to the same period last year, due to an increase in passenger volume from adding flight frequencies and new routes. — Denise A. Valdez