LT Group Inc. announced the appointment of Lucio Tan III as company chief operating officer vice his uncle Michael Tan.
Tan III will also assume the role of vice chairman of the company vice Carmen Tan, wife of LT Group founder Lucio Tan.
LT Group said Michael Tan will continue serve as president in a transition period that ends no later than April 2023.
LT Group said the appointment was “unanimously approved” through a board resolution during the company’s organizational meeting.
“During this transition period, Michael G. Tan will progressively turn over the functions of the president to Lucio C. Tan III and they are expected to share decision-making for business and operational matters,” it said.
Lucio Tan III is the first son of the late Lucio “Bong” Tan Jr., former director of LT Group and son of chairman Dr. Lucio C. Tan. Tan III has assumed various leadership roles within the group since he settled in the Philippines in 2019.
“It is my honor to be entrusted with this responsibility. I intend to uphold the values that are strongly held by my grandfather, Lucio C. Tan and which I likewise hold dear — the values of integrity, hard work, and diligence,” he said.
Tan III currently serves as a director of Philippine Airlines (PAL) and vice president of PAL Holdings. He also serves as director of PAL Express, Philippine National Bank, MacroAsia Corporation, Lufthansa Technik Philippines, MacroAsia Catering Services, Inc., MacroAsia SATS Inflight Services Corp., MacroAsia Airport Services Corp., MacroAsia Properties Development Corp., Belton Communities, Inc., Eton City, and First Homes, Inc.
“As president and chief operating officer of Tanduay Distillers, he steered the company throughout the pandemic and managed to boost its net income to historic levels of P1.1 billion in 2020 and P1.2 billion in 2021. Under his leadership, Tanduay’s international business continued its growth trajectory through aggressive marketing expansion and partnerships with top global distributors,” LT Group said.
LT Group is looking to spend P12 billion as capital expenditures this year, up from last year’s P9 billion.
Michael Tan said the increase in spending is to cover spending for the IT budget of bank Philippine National Bank, and construction of projects under Eton Properties Philippines Inc.
Tan said that overall 2022 should be a better year than 2021 “as the economy opens up and as more and more people get vaccinated.”
