LT Group, Inc. (LTG) has named Lucio C. Tan III as its president after the year-long transition period, replacing his uncle Michael G. Tan, the company said in a statement on Wednesday.
“During the transition, he shared decision-making responsibilities for business and operational matters with his uncle,” it added.
The 30-year-old executive is the grandson of LT Group Chairman and Chief Executive Officer Lucio C. Tan and the son of the late Lucio Tan, Jr.
Mr. Tan III will also serve as the chief operating officer and vice-chairman concurrently with his new post. He also serves as Tanduay Distillers, Inc. president and chief operating officer; and PAL Holdings, Inc.’s vice-president.
Meanwhile, the company earlier reported that its attributable net income for 2022 increased by 24% to P25.14 billion from the P20.25 billion reported the prior year, driven by its tobacco business.
“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,” Mr. Tan III said during the company’s annual stockholders’ meeting.
Its tobacco unit PMFTC, Inc. contributed 61% or P15.28 billion to the attributable income for the year, while Philippine National Bank accounted for 26% or P6.61 billion.
Tanduay Distillers shared P1.47 billion or 6% of profits and Asia Brewery, Inc. added P580 million or 3%.
Eton Properties Philippines, Inc. contributed 1% or P372 million, while the 30.9% stake in Victorias Milling Co., Inc. accounted for 2% or P491 million.
“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 will endure for the long term,” he added.
Shares in LT Group on Wednesday fell by 0.79% or eight centavos to close at P10.18 each. — Adrian H. Halili
