PAL, Air Philippines under new San Miguel management

Philippine Airlines is under new management. San Miguel Corp. president Ramon Ang led the team of five new directors, who replaced Friday at PAL Holdings' board meeting, the directors and officers led by now former PAL president Jaime Bautista.   The board elected Ang as new PAL president and chief operating officer after Bautista resigned from the board together with Domingo Chua, Wilson Young, Juanita Tan Lee, Johnip Cua and Atty. Ma. Cecilia Pesayco. Chua was treasurer while Pesayco was corporate secretary.   Joining Ang on the PAL Holdings board as directors are former Marcos trade minister Roberto Ongpin, SMC chief finance officer Ferdinand Constantino, SMC independent director Iñigo Zobel, and Aurora Calderon.   The new board appointed Harry Tan as treasurer, former Marcos Solicitor General Estelito Mendoza as corporate secretary, and Daniel Ang Tan Chai as chief finance officer.   PAL now has two assistant corporate secretaries: Atty. Irene Cipriano and Pesayco, the former corporate secretary.   The transition to new management took place just 17 days after Lucio Tan and Ang signed on April 3 the investment agreements that paved the way for the issuance of new shares to SMC for a minority stake in flag carrier Philippine Airlines Inc. (PAL) and low-cost partner Air Philippines Corporation (Air Phil).   For a 49 percent minority stake in PAL Holdings, SMC decided to invest $500 million to revitalize PAL and Air Philippines.   In a statement issued April 4, Lucio Tan and Ang said "the new investment will allow the two airlines to strengthen operations and stay competitive with the implementation of PAL and Air Phil’s fleet modernization program." — Rouchelle Dinglasan/ELR/HS, GMA News