Lucio Tan appointed president of PAL Holdings

ABS-CBN News

Posted at Feb 19 2020 09:29 AM

Lucio Tan, chairman of Philippine Airlines attends a press conference in Manila. Ted Aljibe, AFP/file

MANILA -- Tycoon Lucio Tan took over as president of Philippine Airlines' holding firm, replacing his namesake son who died last November.

The board of PAL Holdings appointed Tan as president, concurrent to his existing role as chairman, the holding firm told the stock exchange.

The company will also raise its authorized capital stock to P30 billion from P13 billion, PAL Holdings said.

Tan's son, Lucio Tan Jr, died after a bad fall during a basketball game in November.

Philippine Airlines recently revamped its leadership, seeking to fight off competition from budget carriers, as it reasserts itself as a full-service airline. The flag carrier is aiming for a 5-star rating, the highest score from aviation industry tracker Skytrax.