The daughter of taipan Lucio Tan has been appointed to the board of flag carrier Philippine Airlines to focus on the airline’s return to profitability.
The appointment of Vivienne Tan, concurrently PAL executive vice president for treasury, treasurer and chief administrative officer to the airline’s 15-man board, was part of a reorganization to bring PAL back on the road to recovery.
“With this added responsibility, I shall continue to be focused in steering the company to profitability,” Tan said in a statement.
PAL president and chief operating officer Gilbert Santa Maria said the management would work hard to achieve its goal to turn around the company.
Santa Maria said the flag carrier would embark on digital transformation initiatives to ensure the airline’s needs were met by the most ideal technology solutions—a move seen to pave the way for the company’s right-sizing and return to profitability.
Tan’s daughter, along with Santa Maria and his team, in the last three months has been mapping out strategies to reduce costs, enhance customer experience and increase revenues. The next few months will be crucial as the new PAL management introduces major changes in the 78-year old airline.
In addition, the PAL board accepted the resignations of seniors officers Angelito Alvarez and Siegfred Mison, and board member Cirilo Noel.
PAL Holdings Inc., the parent firm of PAL, earlier posted a net loss of P3.01 billion in the first half of the year from a loss of P661.56 million year-on-year.
PAL Holdings said consolidated revenues in the January-to-June period amounted to P81.25 billion, up 8.6 percent from P74.85 billion on year, on increased flights and sales.
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 acquired the shares from Trustmark Holdings Corp., which is owned by the family of billionaire Lucio Tan and the largest shareholder of PAL Holdings.