Michael Tan, son of Lucio Tan, officially bows out as president of his family’s listed LT Group Inc. He will be replaced by nephew Lucio Tan III.
The elder Tan, who will remain in the LT Group board of directors and as president of Asia Brewery Inc., successfully steered the group in the past 10 years, capping his term with LT Group posting a record P25.1 billion.
Tan in a statement said the profit is “nearly three times that of 2013” when the LT Group listed in the Philippine Stock Exchange, raising P37.7 billion.
In 2022, Tan said, LT Group was able to succeed despite having to grapple with higher energy, raw material and freight costs, as well as higher interest rates and foreign exchange rates, that made it a challenge to keep costs down and implement price hikes to pass on some of the cost increases to customers.
“Your company’s journey, from the reorganization in 2012 of Tanduay Holdings Inc., to what it is today, has not been easy. As I look back over the past decade of LT Group as a publicly-listed company, we have done our best to lead it to where it is, built the way, the tried and tested way,” Tan said in his address to shareholders Tuesday.
Lucio Tan III said his leadership will focus on further optimizing the group’s business processes.
“As in the past years that we were able to overcome the challenges of the pandemic, my commitment remains in delivering consistent results and prioritizing the profitability of every company in our portfolio. Additionally, we will continue to strive in creating value for our stakeholders. By staying true to our core values and embracing innovation, we are confident that we can build a resilient and thriving business that will endure for the long term,” he said. – Ruelle Castro
