Carmen Tan named LT Group vice chair
LT Group Inc. has appointed Carmen Tan as its vice chairman, a year after restoring the position previously held by taipan Lucio Tan’s brother Harry.
The company’s board of directors, chaired by the beer and tobacco tycoon, approved Carmen’s appointment in its meeting yesterday, Oct. 23.
Headed by Tan’s son Michael as president and COO, the LT Group has interests in tobacco through PMFTC, a partnership with US cigarette giant Philip Morris; banking through Philippine National Bank; liquor through Tanduay Distillers Inc.; property through Eton Properties Philippines and beverage through Asia Brewery Inc.
Last year, the Securities and Exchange
Commission ( SEC) approved the LT Group’s move to restore the position of the vice chairman in its corporate structure.
The position of the vice chairman is seen to clip the power of the company president to preside over board meetings.
According to the amendments filed last year, the vice chairman “shall preside at all meetings of the stockholders and the board of directors in the absence of the chairman.”
“Regular meetings of the board of directors shall be held as and when necessary at such times and places as the chairman of the board or in his absence, the vice chairman may determine, or upon the request of a majority of the directors and shall be held at such places as may be designated in notice,” LT Group said.
Previously, this role belonged to the president in the absence of the chairman.
Othe r board members of the LT Group are Harry Tan, Vivienne Tan, Michael Tan, Juanita Tan Lee, Johnip Cua, Mary Go Ng, Wilfrido Sanchez and Florencia Tarriela. – Iris Gonzales