With the 49% stake acquisition by San Miguel of Philippine Airlines, PAL recently change its management with Ramon Ang as the new president. Lucio Tan still holds a position of the board of PAL.
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| source: www.sanmiguel.com.ph |
Below is the news from Business World in regards to this management changes at PAL.
Posted on April 20, 2012 07:19:19 PM
PAL Holdings changes announced
THE MANAGEMENT team of PAL Holdings, Inc, the operator of flag carrier Philippine Airlines, has been revamped in the wake of a buy-in by conglomerate San Miguel Corp.
Joining PAL Holding’s board of directors are San Miguel
President Ramon S. Ang, Iñigo U. Zobel, former Trade Minister Roberto V.
Ongpin, Ferdinand K. Constantino and Aurora T. Calderon.
Mr. Ongpin and Mr. Zobel are major stockholders of San Miguel while Mr. Constantino and Ms. Calderon are currently the chief financial officer and executive vice-president, respectively, of the conglomerate.
Mr. Ang was named the new PAL Holdings president, replacing Jaime J. Bautista who has resigned along with Domingo T. Chua, Wilson T. Young, Juanita Tan Lee and Johnip G. Cua.
Staying on at the board are Chairman Lucio C. Tan, Harry C. Tan, Lucio K. Tan, Jr., Michael G. Tan and Enrique O. Cheng.
New officers appointed during Friday’s board meeting aside from Mr. Ang were Harry C. Tan as treasurer, replacing Mr. Chua; Estelito P. Mendoza as corporate secretary, replacing Ma. Cecilia L. Pesayco who was named assistant corporate secretary along with Irene M. Cipriano; and Daniel L. Ang Tan Chai as the chief finance officer.
Mr. Ongpin and Mr. Zobel are major stockholders of San Miguel while Mr. Constantino and Ms. Calderon are currently the chief financial officer and executive vice-president, respectively, of the conglomerate.
Mr. Ang was named the new PAL Holdings president, replacing Jaime J. Bautista who has resigned along with Domingo T. Chua, Wilson T. Young, Juanita Tan Lee and Johnip G. Cua.
Staying on at the board are Chairman Lucio C. Tan, Harry C. Tan, Lucio K. Tan, Jr., Michael G. Tan and Enrique O. Cheng.
New officers appointed during Friday’s board meeting aside from Mr. Ang were Harry C. Tan as treasurer, replacing Mr. Chua; Estelito P. Mendoza as corporate secretary, replacing Ma. Cecilia L. Pesayco who was named assistant corporate secretary along with Irene M. Cipriano; and Daniel L. Ang Tan Chai as the chief finance officer.
click here to read full article at www.bworldonline.com
In my personal opinion the entrance of Ramon Ang could be a good signal for the ailing flag carrier. After last year's trouble with PAL's PALEA and the cap on retirement age issue, Philippine Airlines profitability after a long time of non-generation of profit will soon go end. The competition with JGS's Cebu Pacific will also build a healthy and good airfare price for Filipinos and I hope we Pinoys take advantage of such opportunity.
Though there are lots of skeptics of RSA's entry to PAL I guess it is the best option PAL has to save its business. Let's look forward for a better Philippine Airlines and a better airfare for us Pinoys.
Disclaimer: Above opinion is the personal opinion of the blogger. Please do your due diligence for your personal trades.
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