Lucio Tan takes over PAL Holdings’ leadership

Tycoon Lucio Tan Sr. has taken over the leadership of Philippine Airlines’ parent firm PAL Holdings Inc. — a position vacated by his son and namesake who died in November last year.

In a disclosure to the Philippine Stock Exchange on Wednesday, PAL Holdings said Tan was appointed by the board of directors during a meeting on February 18 as the company’s president “on concurrent capacity” to his role as chairman.

In November 2019, Lucio “Bong” Tan Jr., who was then president of PAL Holdings, died due to brain herniation after he collapsed during a basketball game.

PAL Holdings also announced that stockholders of Philippine Airlines approved the increase of the flag carrier’s authorized capital stock from P13 billion up to P30 billion. —Ted Cordero/KG, GMA News