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PAL’s Board of Directors appoints new vice chair

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PHILSTAR FILE PHOTO

CARMEN K. TAN, spouse of billionaire Lucio C. Tan, Sr., is the new vice chairperson of the Board of Directors of the Philippine Airlines, Inc. (PAL).

In a disclosure to the stock exchange on Wednesday, PAL Holdings, Inc., the parent company of PAL, said the members of the Board of Directors of PAL have appointed Ms. Tan as their vice chairperson.

The Board has also “approved and confirmed” the resignation of lawyer Estelito P. Mendoza.

In a phone message to BusinessWorld, PAL Spokesperson Cielo C. Villaluna said Ms. Tan replaces Lucio “Bong” K. Tan, Jr., her son, who passed away on Nov. 11.

On Friday last week, PAL Holdings first confirmed that former central bank governor Amando M. Tetangco, Jr. and Mr. Mendoza have submitted their resignations.

It said the resignations of Messrs. Tetangco and Mendoza would then be taken up in a board meeting.

PAL Holdings did not cite any reasons for the resignations of both officials.

PAL reported in October that its board accepted the resignations of Angelito A. Alvarez as the airline’s senior vice-president for planning and commercial group, and Siegfred B. Mison as senior vice-president for legal and general counsel.

On Oct. 28, three months after his appointment, Gilbert Gabriel F. Santa Maria resigned as PAL Holdings’s president. He remains president and chief operating officer of the operating company, PAL.

Mr. Santa Maria was replaced by Mr. Tan, Jr.

In the nine months to September, PAL’s attributable net loss widened 116.2% to P8.5 billion from P3.92 billion a year earlier, as expenses and financing charges increased.

Revenue rose 5.6% to P117.92 billion, primarily as passenger and ancillary revenue increased due to additional frequencies and new routes which contributed to the growth in passenger volume.

Shares in PAL Holdings went down 12 centavos or 1.57% to P7.50 apiece on Wednesday. — Arjay L. Balinbin





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