Eventually, things fell into place. Lucio Tan remains chairman of the airline itself while Bautista remains president. They will have the advantage of coaching, but it will still depend on whether they are qualified,” said Sy. “He said that if we don’t quite agree on things, we should think positive to help the situation,” said Sy. “Beside him, I pale in comparison.” We’ll take that in context. 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. How the early unification of China affected its people. “In business, we need to know what the context is, to better understand why things are happening.” Lucia “Letty” Gonzales Tan, spouse of business tycoon Lucio Tan and mother of LT Group President Michael Tan, passed away on Monday, August 31. A member of the third generation, Chen said he started working in the family business when he was just in high school. He was 53. “I used to think Paris is the most beautiful city,” said Mike. I was near the bottom of my class. Bong Tan had just been installed as president of PAL Holdings, PAL’s mother company, when he died. “Istanbul.” Really? His parents moved to the Cebu in the Philippines when he was a child. He added that since PAL is a Lucio Tan … In this aspect, at least, the president of the LT Group, which includes Asia Brewery and Philip Morris Fortune Tobacco, takes after his father Lucio. See the complete profile on LinkedIn and discover Tan’s connections and jobs at … (adsbygoogle = window.adsbygoogle || []).push({}); “I remind my children that they should study hard, and that a good education is one thing I can give them. Call 896 6000. Lucio Tan Jr, is dead at 53. The best places in China: Beijing, Shanghai, Guangzhou? The company has to be run professionally. You can’t expect to become the head instantly. “After you learn engineering, everything else is easier. I am 19 years old, a third year Communication major in the Ateneo de Manila University, and I have PAL to thank for my education, my family’s stable finances, and my life. Mike and elder brother Bong studied in Xavier School, then they continued high school in Singapore’s Dunman, a rigorous Chinese-language school. I had to study really, really hard.”. The system has to be there,” Tan stressed. Withdrawal fees too high? 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. Don't miss out on the latest news and information. Tan was born in Amoy (now Xiamen), Fujian, China. Mike studied History, and we embarked on a lively discourse. MANILA – Tycoon Lucio Tan’s LT Group, Inc. (LTG) is optimistic about the local business environment bringing better prospects for its business units. We both love the TV comedy “Big Bang Theory,” especially the character Sheldon, arguably the nerdiest of them all. Matthew Tan | Fresno, California | Analytical Lab Assistant at UC Davis | 10 connections | See Matthew's complete profile on Linkedin and connect Lucio Tan Sr. is a Chinese Filipino billionaire businessman and educator with interests in banking, airline, liquor, tobacco, real estate industries, and education. Quite frankly, I sometimes feel like an illegitimate child of Lucio Tan. 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. They don’t take sides, whether for or against China, the US… They analyze things in context.”. The Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, Kishore Mahbubani is a former diplomat. Michael Tan, his son and LT Group president, is among the likely successors, along with Lucio “Bong” Tan Jr., the son who heads the group’s liquor-maker Tanduay Distillers Inc. … Michael Tan, president and chief operating officer of LT Group Inc., shared during the conference that he was prepared for his role early. Istanbul is also at the crossroads of East and West, he said. “I learned from many mentors. “Singaporean diplomats are pragmatic. Lucio Chua Tan Chairman & Chief Executive Officer. Mike the history buff was a revelation, but Mike the engineer I know well. Take religion. 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. Lucio Tan, in full Tan Eng Tsai, (born July 17, 1933, Amoy, Fujian province, China), Chinese-born Filipino entrepreneur who headed such companies as Fortune Tobacco Corp., Asia Brewery, Inc., and Philippine Airlines, Inc. Tan was the oldest of eight children. The position of president or chief executive officer, Sy said, was not a birthright and the next generation members knows this so they have to make sure they are qualified. I want my kids to be able to stand on their own.”, Would he force his children into the family business? E-mail her at [email protected]. To his mind, exposing the children early to the business will lessen the chances of the company going bankrupt as they will know what is at stake and the commitment that family corporations have to always think long-term for the group to survive. Tan has 1 job listed on their profile. Tan, a member of the third Tan generation, said that because being listed puts the group under greater scrutiny by the investing public, there is greater impetus to follow good governance practices that he believes would help ensure that the group will indeed be built to last. Be patient. 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 […] That is why we went public,” Tan said. When I commended him for graduating at the top of his Civil Engineering class at the University of British Columbia (UBC) in Vancouver, he said, “I was a big fish in a small pond.”, “Gladwell?” I was referring to English-Canadian journalist Malcolm Gladwell’s book “David and Goliath,” which talks about top dogs and underdogs, big and small fish in small and big ponds. They should be memorizing multiplication tables!”, I agreed, and couldn’t resist saying: “Mike, you actually have time to tutor your kids!”. Chen said that one of the challenges faced by family corporations is how to discipline an erring relative, given the strong family ties. “Those are big modern cities. Contribute your ideas first.”, Mike’s dearest wish? Indeed the Feng Shui master is correct, after marrying Letty Tan, Lucio's … And like most jokes, this has more than a sliver of truth behind it, played out in the open, including the Philippines, where the Philippine Stock Exchange is dominated by listed companies run by families, some with eighth-generation members in place, with others still led by the founder but with the second generation already taking over day-to-day decision-making. This falls under the Lucio Tan Group, a separately listed holding firm, which Michael Tan heads as president and COO. 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. Last year, Lucio “Bong” Tan Jr., a son of Lucio with wife Carmen, died of brain aneurysm. “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. Queena N. Lee-Chua is on the board of Ateneo de Manila University’s Family Business Development Center. “But now it’s Istanbul.” He reeled off the attractions: the Hagia Sophia, the Blue Mosque, the Bosphorus River. 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For Po, succession is not just about the transfer of ownership, but is more importantly about the transmission of values. https://michaelyana.blogspot.com/2011/12/lucio-tan-successful-story.html Go to the smaller ones, Xiamen and Dalian; they are more progressive than Makati.”. (adsbygoogle = window.adsbygoogle || []).push({}); Context is why Mike takes the time to read serious works. It was expected for him to work during the weekends and help out. “We had to recite passages in front of him,” said Mike. PAL Holdings Inc. President Lucio “Bong” Tan Jr., son of Philippine billionaire Lucio Tan, died Monday after collapsing while playing in a basketball game days earlier. He was said to have gone to school on barefoot and first worked as a stevedore who tied cargo with ropes made from abaca He earned a bachelor's degree in Chemical Engineering from the Far Eastern University in Manila. "Bong was a son, husband, father, friend and, most importantly, our elder brother whom we all relied on for advice, counsel and leadership," his … According to the grapevine, the taipan underwent a minor surgery at the St. Luke’s Medical Center to repair a torn ligament caused by a recent slip, caused when he tripped while alighting from a helicopter. Tennyson Chen, president and CEO of Bounty Fresh Food Inc., is likewise a believer in bringing in the next generation as early as possible. “I did OK in Xavier, but in Dunman, the Chinese lessons are extremely tough. “I really don’t believe in announcing that the next generation will inherit a position. 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. View Tan C.’s profile on LinkedIn, the world’s largest professional community. His answer was wistful: “A quiet life.”. He studied chemical engineering at Far Eastern University in Manila. The Asean Business Advisory Council Philippines has teamed up with Go Negosyo and Singapore Management University to bring the first Family Business Conference to the Philippines. “Read his books!” Mike was emphatic. “No. We never know what is going to happen next. I have read his incisive articles in Time, Newsweek, New York Times, but have yet to venture into his books. Sy, one of six children of Henry Sy Sr., his “mentor and idol,” retired at 60 and turned over the reins of the company to his executive vice president. When I complained that Beijing pollution triggered my asthma, Mike uttered one word: “coal.” Then he explained a particular method of burning coal that produces air particles so minute that they remain suspended in the atmosphere. Current positions of Michael Gonzales Tan When Mike and his siblings were growing up, their father used to assign them Mandarin passages to commit to memory. He received an undergraduate degree from the University of British Columbia. “When I transitioned into the role, there was a little bit of brainstorming on what direction we should go. https://kwenivarga.wordpress.com/2009/06/27/dealing-with-stress-filipino-style Lucio "Bong" Tan Jr, assumed the presidency of Philippine Airlines (PAL) holding firm two weeks before his death. To find out more, please click this link. We use cookies to ensure you get the best experience on our website. The families behind them have therefore spent considerable time and effort to ensure the smooth transition of ownership and control from one generation to another, with the company not just intact but bigger than ever. Subscribe to Inquirer Business Newsletter. Mike does not like to be in the spotlight. Subscribe to Inquirer Business Newsletter. By continuing, you are agreeing to our use of cookies. “In the Bible, we read the Letters to the Romans and the Corinthians, but Christianity would be better understood if put in context. There is a process, and that is why you want to start early,” Po said. He next studied in Beijing University. 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. But at some point, that will not work anymore, so somebody has to step in. Like Tan, Chris Po, the third of the four sons of Century Pacific Food Inc. founder Ricardo Po Sr., learned about the business early and saw with his own eyes how his father worked hard to build it, from a toll manufacturer for another canned fish company to eventually his own branded tuna canning company from which it expanded to other lines of business such as real estate development. I even had a tutor,” he said. Beautiful places? The modeling from his elders exposed him early to the family’s values, which he now wants to pass on to his own family. And it is these same values that he wants to guide the Century Pacific Group of which he became executive chairperson in 2014 when he was just 44 years old. LT Group, Inc. is majority-owned by Tangent Holdings Corporation, its ultimate parent company (also controlled by Tan). Or work. In 1982, Tan established Asia Brewery. She was 77. He was sent to work at Asia Brewery Inc. where he got a low-rank job in the glass factory, working side by side with other employees and under mentors who helped him gain experience and knowledge to take on bigger roles in the company. Mike and wife Angeline’s children are doing well in school, something Mike attributes to his wife’s parenting (a story in itself). History helps Mike put events in context. 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. But since I studied at the neighboring girls’ school, I have heard about his academic prowess. “Again, I had difficulties with Chinese. My father used to tell us that nothing is certain in life, that we should not take things for granted. We segued into Gladwell’s ideas, and told him, “Mike, I have to tell the readers that you read Gladwell.”, He said, “Well, you can tell them that I read Kishore!”. 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? Companies like the SM Group, Century Pacific Food Inc., Lucio Tan Group and Bounty Fresh Food Inc., however, are determined to not be a punch line in Philippine corporate history. The values that his father drilled into them from childhood were hard work, entrepreneurship and the constant pursuit of excellence. It was a must, he said, for him to be in the office. “If they know that it is going to be just handed to them, then they will not work hard. These values served Tan in good stead, as he worked his way up the ranks after joining the group as soon as he graduated with a degree in civil engineering. Lucio "Bong" Tan, Jr., the son and namesake of billionaire Lucio Tan, is in stable condition, PAL spokesperson Cielo Villaluna said in a statement in behalf of the Tan family. On this day, July 17 in the year 1934, one of the most famous businessmen in the Philippines was born in Fujian, China. 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. 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. (adsbygoogle = window.adsbygoogle || []).push({}); In his own case, for example, it was a professional—Jeffrey Lim—who took over his post as head of SM Prime Holdings. He also advises members of the family to ensure clear lines of communication, so that potential conflicts can be resolved quickly and less painfully. Michael said that when they were children, their father told them stories about his beginnings in China, how their family survived the war and Chinese parables. Unlike parents who claim to be too busy with work or hobbies, the taipan and his son devote time to things that matter. Jose Gabriel D. Olives Chief Financial & Risk Officer. Dr. Lucio Chua Tan, Sr. serves as the President at PAL Holdings, Inc. and has been its Chief Executive Officer since February 18, 2020. “There was a sense of duty having seen how they struggled.”. 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 … “As the family grows exponentially, it becomes more important that companies have more transparency. 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Answer his riddle: “the last day of the last sign of the zodiac.” I learned I was born in the first sign of the zodiac, a few weeks younger than him. How wars might have enabled almost all European nations to rule their part of the world for a time. 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. Doing so gave him a long view of what the family stood for and where the generation before him wanted the company to go. When conflicts inevitably arise, Sy said his father had always emphasized two principles—respect for one another and thinking positive. 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. 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. Engineering for Mike is the ideal background for any field. Withdrawal fees too high? The directors of PAL Holdings nominated for fiscal year 2009-2010 include Lucio Tan, Harry Tan, Jaime Bautista, Domingo Chua, Lucio Tan Jr., Michael Tan, Juanita Tan Lee, and Wilson Young. “When my father was building the company, we were perpetually on survival mode. His name is Lucio Tan, the man who built a fortune in tobacco, banking, beer, and air transportation. Such a policy has also boosted the morale of the entire organization as the nonfamily executives know that they do have a chance to get the top post. They tend to be very progressive. Tan holds a chemical engineering from Far Eastern University in Manila. If only teachers would emphasize that Corinth is a city in Greece, or that Rome was the center of the empire for centuries. And his father? When the painful decision point comes, the system just has to be in place so that the leader can come in and make the final decision. I learned from professionals. After graduation, Mike took language lessons at the Beijing Chinese Language and Culture College. Lucio Tan is the founder and chairman of the $2 billion (sales) LT group, which has interests in tobacco, spirits, banking and property development. “Qingtao, beside the lake.” Favorite place in the world? Lucio loves to dance, as well as Letty, so Lucio took her as his 2nd wife, they were married in Baguio city, to avoid bigamy, Lucio changed his name in their marriage certificate to "Michael Tan".