Air Transport World

The continuing crisis.

The continuing crisis at Philippine Airlines led to removal of majority owner Lucio Tan from day-to-day control of the carrier. Tan remains as president but the CEO's job now belongs to Luis Juan Virata of Jardine Fleming Exchange. Also, Jaime Bautista was promoted from CFO to COO.

Word according to market sources is that Tan's removal was made a condition by a group of former Cathay Pacific executives who were recruited to leave that carrier in a bid to save PAL. …

Log in to your account to read this article – and millions more.