MANILA, Philippines – Resignations of two key board members shake up Lucio Tan-owned Philippine Airlines (PAL), indicating further unrest within the company.
In a disclosure to the Philippine Stock Exchange on Friday, December 6, PAL confirmed a Philippine Star report that Amando Tetangco Jr and Estelito Mendoza have quit the board without citing concrete reasons.
The resignations will be taken up in the forthcoming board of directors meeting, according to the company's corporate secretary.
Tetangco is former governor of the Bangko Sentral ng Pilipinas and joined the board as independent director around 2017.
Meanwhile, Mendoza has had strong ties with Tan and is publicly known to handle high-profile political cases. Mendoza is also closely tied to the late dictator Ferdinand Marcos Sr. (READ: The PAL flip-flops of Supreme Court Justices Peralta, Bersamin)
PAL is currently headed by Gilbert Sta. Maria, known for his achievements in the business process outsourcing sector.
Sta. Maria is joined by Tan's daughter Vivienne, who serves as the company's chief administrative officer.
The board earlier lost a member when Tan's namesake, Lucio "Bong" Tan Jr died unexpectedly in November. He was also PAL Holdings' president before passing.
The other remaining members of the board are Rowena Chua, Florentino Herrera, Cirilo Noel, Carmen Tan, Michael Tan, Johnip Cua, Manuel Lazaro, Samuel Uy, Gregorio Yu, and Ryuhei Maeda of Japan's ANA. – Rappler.com