Lucio Tan III appointed new president, vice-chairman, and COO of LT Group

Lucio "Hun Hun" Tan III, 30, has been appointed the new president, vice-chairman, and COO of the LT Group, a P110 billion conglomerate, replacing his uncle Michael Tan.

Michael Tan had been president of the LT Group since 2010, a role he held until the annual stockholders' meeting on Wednesday, May 3.

Lucio Tan III, grandson of LT Group Chairman Lucio C. Tan and son of the late Lucio Tan Jr., previously served as LT Group's COO and Vice Chairman since 2022.

He holds executive posts as President and COO of Tanduay Distillers Inc. since 2019 and PAL Holdings Vice President since 2021.

During a year-long transition, Tan III shared decision-making responsibilities for business and operational matters with his uncle.

He vowed to focus on optimizing business processes, delivering consistent results, prioritizing profitability, and creating value for stakeholders.

LT Group's attributable net income for 2022 increased by 24% to P25.14 billion, driven by its tobacco business which contributed 61% of the income.