Lucio Tan, wife resign from PNB board as part of succession plan

Lucio Tan and his wife Carmen have resigned as directors of the Philippine National Bank (PNB) as part of a succession plan for the Lucio Tan (LT) Group.

Lucio Tan, aged 89, stepped down from the board effective Friday, September 22, 2023, but will remain as PNB's chairman emeritus.

Carmen Tan, 82, also resigned as director and will now serve as a board advisor, with both assuring continued involvement and commitment to PNB.

Their replacements on the board are board advisor Chester Luy and Eusebio Tan.

These changes are part of a broader management shift across the LT Group, which includes Philippine Airlines, Eton Properties, and Tanduay Distillers, to pave the way for the next generation.

Lucio "Hun Hun" Tan III, Lucio Tan's grandson, has been appointed president of PAL Holdings Incorporated and the LT Group, and also holds director positions in other group companies, including PNB.