Lucio Tan remains chairman of the airline itself while Bautista remains president. I learned from professionals. She left behind her spouse, Lucio Tan, 86, and children Michael and Angeline, Sharon and Edgard, John and Nancy, Cherry and Alfred, Timmy and Christine and her beloved […] Michael Tan, president and chief operating officer of LT Group Inc., shared during the conference that he was prepared for his role early. By continuing, you are agreeing to our use of cookies. The current leaders of these family corporations talked about how their families are dealing with this crucial succession issue during the recent Family Business Conference 2019 spearheaded by the Asean Business Advisory Council Philippines and Go Negosyo with knowledge partner Singapore Management University. "Bong was a son, husband, father, friend and, most importantly, our elder brother whom we all relied on for advice, counsel and leadership," his … The modeling from his elders exposed him early to the family’s values, which he now wants to pass on to his own family. Last year, Lucio “Bong” Tan Jr., a son of Lucio with wife Carmen, died of brain aneurysm. View Tan C.’s profile on LinkedIn, the world’s largest professional community. Istanbul is also at the crossroads of East and West, he said. Everybody is different, his father always said, just like each finger is different from the other but the hand cannot function properly without all five. They don’t take sides, whether for or against China, the US… They analyze things in context.”. I have read his incisive articles in Time, Newsweek, New York Times, but have yet to venture into his books. How wars might have enabled almost all European nations to rule their part of the world for a time. Lucio Tan’s son by his second wife, Michael Tan, is the president-COO of LT Group Inc.. Vivienne is second in command at flag carrier PAL. It was expected for him to work during the weekends and help out. When conflicts inevitably arise, Sy said his father had always emphasized two principles—respect for one another and thinking positive. In the past Mr. Tan was Chairman at Association of Young Filipino-Chinese Entrepreneurs, Chairman at PNB Holdings Corp., President & Director at Eton Properties Philippines, Inc. and Treasurer & Director at PAL Holdings, Inc. I want my kids to be able to stand on their own.”, Would he force his children into the family business? Matthew Tan | Fresno, California | Analytical Lab Assistant at UC Davis | 10 connections | See Matthew's complete profile on Linkedin and connect “For the current generation, the mind-set should also be about learning from the next generation and starting to think about roles they would play. The system has to be there,” Tan stressed. “If they know that it is going to be just handed to them, then they will not work hard. But at some point, that will not work anymore, so somebody has to step in. These remain constant and will serve as the anchor of the corporation as the group faces new challenges such as changing consumer preferences and the entry of more competitors. “No. “As the family grows exponentially, it becomes more important that companies have more transparency. Now they will have to double up,” said Sy. After I told Mike his solution was correct, he said, “Why are kids forced to memorize symbols for big numbers they won’t use at all? Go to the smaller ones, Xiamen and Dalian; they are more progressive than Makati.”. The expectation was that when it was our turn, that will be how we would do it,” said Po, who said that he and his brothers run the company as a sibling partnership. With a net worth of $2.1 billion as of this month, 2020, he is the 6th richest Filipino, according to forbes.com. Sy said knowing that these top positions are not reserved for the next generation members pushes them to focus and work hard. LT Group, Inc. (PSE: LTG), colloquially called as the Lucio Tan Group, is a publicly listed holding company of Chinese Filipino business tycoon Lucio Tan in the Philippines. For him, it is professionalism that is key to the survival in any corporation, family-owned or not, the secret to breaking the generation curse. My exams were given in Chinese as a second language. Be patient. “In the family business, usually decisions are made via consensus. See the complete profile on LinkedIn and discover Tan’s connections and jobs at … Contribute your ideas first.”, Mike’s dearest wish? MANILA (BLOOMBERG) - Philippine Airlines Holdings President Lucio "Bong" Tan Jr, the son of Philippine billionaire Lucio Tan, died on Monday (Nov 11), days after collapsing during a … It’s the long-running joke about family-owned and managed corporations among wealth managers: The first generation makes it, the second generation spends it while the third generation blows it. Jose Gabriel D. Olives Chief Financial & Risk Officer. “Read his books!” Mike was emphatic. Michael Tan, the firstborn of Lucia, is now the president and chief operating officer of LT Group, the holding company of Lucio Tan. This was why when the group grew to become a major conglomerate with operations in different fields such as manufacturing, banking and airline operations, Tan said he talked to his father about listing the group to instill more transparency and accountability, even among members of the family who are in different roles in the sprawling organization. Dr. Lucio Chua Tan, Sr. serves as the President at PAL Holdings, Inc. and has been its Chief Executive Officer since February 18, 2020. She was 77. History helps Mike put events in context. We never know what is going to happen next. “In the Bible, we read the Letters to the Romans and the Corinthians, but Christianity would be better understood if put in context. Unlike parents who claim to be too busy with work or hobbies, the taipan and his son devote time to things that matter. We have a lot to learn from them.”. For Po, succession is not just about the transfer of ownership, but is more importantly about the transmission of values. Lucio "Bong" Tan Jr, assumed the presidency of Philippine Airlines (PAL) holding firm two weeks before his death. I had to study really, really hard.”. There is a process, and that is why you want to start early,” Po said. If they want to, but it’s still best to work outside, for other people, first.”, To the younger generation working in family businesses, Mike advised, “Pay your dues. For the SM Group, Hans Sy, director of SM Prime Holdings, said the guiding principle was to ensure that only the most qualified person gets the top post. More than a decade ago, when his daughter was in primary school, Michael “Mike” G. Tan, now 48, called me regarding her homework on massive Roman numerals. We use cookies to ensure you get the best experience on our website. “Beside him, I pale in comparison.” We’ll take that in context. Tan holds a chemical engineering from Far Eastern University in Manila. He also advises members of the family to ensure clear lines of communication, so that potential conflicts can be resolved quickly and less painfully. We use cookies to ensure you get the best experience on our website. “We had to recite passages in front of him,” said Mike. LT Group, Inc. is majority-owned by Tangent Holdings Corporation, its ultimate parent company (also controlled by Tan). “In business, we need to know what the context is, to better understand why things are happening.” Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. 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