BUSINESS
Advocates Philippines
Lucio Tan III Named President of LT Group
Lucio Tan III. Photo courtesy of LTG Inc
Lucio Tan III has officially taken over as president of the Lucio Tan Group (LTG) after a year-long leadership transition period.
During the transition, Tan III, the son of the late Lucio Tan Jr., shared decision-making responsibilities with his uncle, Michael Tan, who had been the President of LTG since 2010.
The group's attributable net income increased by 24% from the previous year, reaching Php25.1 billion by the end of 2022.
LTG's tobacco business contributed the most to the total net income at 61%, followed by Philippine National Bank (PNB) at Php6.61 billion (26%) and Tanduay Distillers, Inc. (TDI) at Php1.47 billion (6%).
Apart from his role as president of LTG, Tan III also serves as president and chief operating officer at TDI since 2019 and Vice President at PAL Holdings, Inc. since 2021.
Tan III expressed his gratitude to the senior management and employees for their hard work and dedication, which has led to a growing and profitable group of companies that provide products, services, and employment to Filipinos.
He emphasized the importance of optimizing their business processes and delivering consistent results to prioritize the profitability of every company in their portfolio.
"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. 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 will endure for the long term," he said.
In his chairman's remarks, LTG Chairman Lucio Tan congratulated the group for a banner year, with record-level net income and dividends. He also emphasized the need to draw from experience and wisdom to advance the best interests of shareholders and the public they serve while keeping an eye on new opportunities.
In his president's report, outgoing president Michael Tan shared that LTG has faced challenges since its Initial Public Offering in 2013.
“It was how your Company, built the way, the tried and tested way, through hard work, cooperation, and a strong financial position built through the years that we were able to hurdle these challenges,” he said.
During the transition, Tan III, the son of the late Lucio Tan Jr., shared decision-making responsibilities with his uncle, Michael Tan, who had been the President of LTG since 2010.
The group's attributable net income increased by 24% from the previous year, reaching Php25.1 billion by the end of 2022.
LTG's tobacco business contributed the most to the total net income at 61%, followed by Philippine National Bank (PNB) at Php6.61 billion (26%) and Tanduay Distillers, Inc. (TDI) at Php1.47 billion (6%).
Apart from his role as president of LTG, Tan III also serves as president and chief operating officer at TDI since 2019 and Vice President at PAL Holdings, Inc. since 2021.
Tan III expressed his gratitude to the senior management and employees for their hard work and dedication, which has led to a growing and profitable group of companies that provide products, services, and employment to Filipinos.
He emphasized the importance of optimizing their business processes and delivering consistent results to prioritize the profitability of every company in their portfolio.
"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. 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 will endure for the long term," he said.
In his chairman's remarks, LTG Chairman Lucio Tan congratulated the group for a banner year, with record-level net income and dividends. He also emphasized the need to draw from experience and wisdom to advance the best interests of shareholders and the public they serve while keeping an eye on new opportunities.
In his president's report, outgoing president Michael Tan shared that LTG has faced challenges since its Initial Public Offering in 2013.
“It was how your Company, built the way, the tried and tested way, through hard work, cooperation, and a strong financial position built through the years that we were able to hurdle these challenges,” he said.
May 3, 2023
