Bautista replaces Ang as PAL president

ABS-CBN News

Posted at Oct 23 2014 08:36 PM | Updated as of Oct 24 2014 04:36 AM

MANILA – Philippine Airlines (PAL) on Thursday announced that current PAL general manager Jaime Bautista has been appointed as the airline's new president and chief operating officer.

Bautista will replace San Miguel Corp. President and chief executive officer Ramon Ang.

Lucio Tan, who recently took back full control of the national flag carrier, remains as PAL chairman and chief executive officer.

Other new officers of the PAL Board are Joseph T. Chua as vice chairman of the Board, Florentino M. Herrera III as corporate secretary and board member, and Marianne Raymundo as chief financial officer.

Also appointed as members of the Board are Carmen K. Tan, Heinrich T. Khoo, Manuel M. Lazaro and Johnip G. Cua (independent director).

Completing the PAL Board are Lucio K. Tan, Jr., Michael G. Tan, Washington SyCip, Alberto D. Lina, Estelito Mendoza, Antonino Alindogan, Jr. and Gregorio T. Yu.

The 10 new officers and directors replaced representatives of San Miguel, whose resignations were accepted effective Thursday.

The composition of six various committees under the PAL Board were also reconstituted.

Tan’s group, through Buona Sorte and Horizon Global Investments, bought back the 49 percent interest of San Miguel Equity Investments Inc. of San Miguel on September 15 for $1.3 billion.

Buona Sorte and Horizon Global also recently offered to buy out the minority shareholders of PAL and its parent firm PAL Holdings Inc.