PAL Holdings appoints Lucio 'Hun Hun' Tan III as VP

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Metro Manila (CNN Philippines, May 27) — Lucio ‘Hun Hun’ Tan III is named to another key position in the Tan family business: vice president at PAL Holdings.

The Philippine Airlines operator informed the Philippine Stock Exchange on Thursday the appointment of the third-generation Tan to the post, which took effect on May 26.

The grandchild and namesake of tycoon Lucio Tan, he is the son of former PAL Holdings president Lucio “Bong” Tan Jr. who passed away in November 2019

Tan III’s appointment comes at a turbulent time for the airline operator as PAL struggles with limited flights in light of pandemic-induced travel restrictions.

PAL president and chief operating officer Gilbert Santa Maria told CNN Philippines earlier this month that they are “surviving with difficulty” amid these trying times.

“We’re managing liquidity, we’re trying to continue to get the forbearance from our lessors on the payments on the aircraft. We’ve returned some aircraft,” the flag carrier chief said.

PAL is also in the middle of a restructuring which includes cost-cutting efforts, added Santa Maria, also noting the airline’s transformation into a cargo carrier during the COVID-19 pandemic.

Last October, PAL announced up to 35% of its 7,000-strong workforce will be affected by job cuts under its recovery plan.

In late 2019, Tan III was also appointed president and chief operating officer of the family-led Tanduay Distillers and director of LT Group, MacroAsia, PAL Holdings, PAL and Air Philippines. He has a bachelor's degree in computer engineering and master's degree in computer science from Stanford University.

Shares of PAL Holdings finished trading on Thursday at ₱5.74, up 4.36% from the previous close.