Five representatives from San Miguel Corp (SMC) has been elected and placed on PAL Holdings' board, less than a month after the Philippine conglomerate announced that it will be taking a minority stake in Philippine Airlines and Air Philippines.
These include SMC's president Ramon S. Ang, who has also been appointed president and chief operating officer, Inigo Zobel, Roberto V. Ongpin, Aurora T. Calderon and Ferdinand K. Constantino.
Meanwhile Harry C. Tan has also been appointed treasurer, Estelito P. Mendoza as corporate secretary, Cecilia L. Pesayco and Irene M. Cipriano as assistant corporate secretary and Daniel L. Ang as chief finance officer.
They take over from long time president Jamie Bautista and board members Domingo Chua, Wilson T. Young, Juanita Tan Lee and Johnip G. Cua and Pesayco, says PAL Holdings in a statement on the Philippine Stock Exchange.
SMC had in an earlier stock exchange disclosure confirmed that its investment in Trustmark Holdings and Zuma Holdings, the holding companies of PAL and Air Phil, will come up to $500 million, effectively giving it a 49% stake in PAL and Air Phil.
The new investment will allow the two airlines to strengthen operations and stay competitive with the implementation of the carriers' fleet modernisation programme, adds SMC.
Flightglobal Pro also reported on 18 April that the entire top management of Philippine low-cost carrier Airphil Express have quit the company. These include chief executive advisor Brian Hogan, chief financial officer Richard Benedict Laig, chief commercial advisor Steve Allen and senior vice president for marketing and sales Alfredo Herrera.
Industry sources had said that the moves arose from disagreements over the direction Airphil Express should undertake, especially after SMC's investment.