PAL appoints new CEO

Fri, 22 Jan 1999 | Source: REUTERS

MANILA (Reuters): Chairman Lucio Tan relinquished management control of Philippine Airlines Inc (PAL) on Thursday as the embattled carrier revamped its top hierarchy in an effort to stay in the air, officials said.

Tan, who owns 70 percent of the airline and had assumed most chief executive functions in recent months, will remain chairman but director Luis Juan Virata, the chief of investment bank Jardine Fleming Exchange Capital, has been named acting CEO, chief adviser Peter Foster told Reuters.

"It was deemed appropriate by Mr. Tan that he hand over control of the CEO position temporarily," Foster said. "We very much welcome Mr. Virata's involvement."

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