MANILA - Tycoon Lucio Tan's holding company LT Group Inc on Wednesday named Lucio Tan III as President, replacing his Uncle, Michael Tan.

Tan III is the 30-year-old son of the late Lucio "Bong" Tan Jr who died in November 2019.

"After a year-long leadership transition period, Lucio Tan III has officially taken over as president of the Lucio Tan Group (LTG). During the transition, he shared decision-making responsibilities for business and operational matters with his Uncle, Michael Tan, who had been president of LTG since 2010," the company told the stock exchange.

The young Tan, who was earlier appointed as COO and Vice Chairman of LT Group in 2022, is also holding executive posts in several businesses under the group.

He the President and COO of Tanduay Distillers Inc since 2019 and PAL Holdings Vice President since 2021, LT Group said.

"As in the past years that we were able to overcome the challenges of the pandemic, my commitment remains in delivering consistent results and prioritizing the profitability of every company in our portfolio," Tan said.

"Additionally, we will continue to strive in creating value for our stakeholders. By staying true to our core values and embracing innovation, we are confident that we can build a resilient and thriving business that we will endure for the long term," he added.

Prior to taking on big roles under his grandfather's empire, Tan III was a software engineer in the US.

Meanwhile, LT Group said it posted a P25.1 billion attributable net income in 2022, up 24 percent compared to the previous year.

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