Lucio Tan Jr named new head of PAL Holdings

October 29, 2019

The son of tycoon Lucio Tan has appointed as new president of PAL Holdings Inc., parent firm of the country’s flag carrier. 

In a statement Tuesday PAL said, Lucio Tan, Jr. was appointed  president of PAL Holdings, after the resignation of Gilbert Santa Maria.

Sta. Maria remains PAL president and chief operating officer. 

“At PAL’s regular monthly board meeting held on Oct.28, Santa Maria presented his 90-day report on PAL and his turnaround plan for the airline for implementation beginning 2020,” PAL said. 

Santa Maria earlier said the flag carrier will embark on digital transformation initiatives to ensure that the airline's needs are met by the most ideal technology solutions -- a move seen to pave the way for the company's right-sizing and return to profitability.

In the past months,  Vivienne Tan, concurrent PAL executive vice president for treasury, treasurer and chief administrative officer,  together with  Santa Maria and his team, has been mapping out strategies to reduce costs, enhance customer experience and increase revenues. 

PAL Holdings, parent firm of PAL, earlier posted a net loss of P3.01 billion in the first half of the year from P661.56 million losses in the same period last year.

PAL Holdings Inc. said consolidated revenues in the January to June period amounted  to P81.25 billion, up by 8.6 percent  from last year’s same period figure of P74.85 billion in support of the growth in flights and revenues. 

Earlier, Japan’s ANA Holdings Inc., the Japanese parent company of All Nippon Airways, invested $95 million for a 9.5-percent stake in PAL Holdings.

ANA HD would acquire the shares from Trustmark Holdings Corp. which is owned by the family of billionaire Lucio Tan and is the largest shareholder of PAL Holdings.  DMS