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. His parents moved to the Cebu in the Philippines when he was a child. My exams were given in Chinese as a second language. With a net worth of $2.1 billion as of this month, 2020, he is the 6th richest Filipino, according to forbes.com. 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. “Those are big modern cities. “Read his books!” Mike was emphatic. MANILA – Tycoon Lucio Tan’s LT Group, Inc. (LTG) is optimistic about the local business environment bringing better prospects for its business units. Quite frankly, I sometimes feel like an illegitimate child of Lucio Tan. Michael Gonzales Tan President, COO & Executive Director. It has to be open to everyone, to make the family work really hard, to show they are deserving,” Sy said. He received an undergraduate degree from the University of British Columbia. Contribute your ideas first.”, Mike’s dearest wish? “As the family grows exponentially, it becomes more important that companies have more transparency. Tan was born in Amoy (now Xiamen), Fujian, China. LT Group, Inc. (PSE: LTG), colloquially called as the Lucio Tan Group, is a publicly listed holding company of Chinese Filipino business tycoon Lucio Tan in the Philippines. 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. Michael Tan, president and chief operating officer of LT Group Inc., shared during the conference that he was prepared for his role early. He added that since PAL is a Lucio Tan … 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. “There was a sense of duty having seen how they struggled.”. Current positions of Michael Gonzales Tan 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 learned from professionals. 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. 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. In UBC in my time, the top students were from engineering.”. 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. For Po, succession is not just about the transfer of ownership, but is more importantly about the transmission of values. Lucio Tan Sr. is a Chinese Filipino billionaire businessman and educator with interests in banking, airline, liquor, tobacco, real estate industries, and education. Tan has 1 job listed on their profile. I was near the bottom of my class. After all, there are more than enough cautionary tales of family squabbles that have brought down corporations big and small. Matthew Tan | Fresno, California | Analytical Lab Assistant at UC Davis | 10 connections | See Matthew's complete profile on Linkedin and connect 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. 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. 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. For the SM Group, Hans Sy, director of SM Prime Holdings, said the guiding principle was to ensure that only the most qualified person gets the top post. I had to study really, really hard.”. (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. Mike studied History, and we embarked on a lively discourse. Withdrawal fees too high? 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. But at some point, that will not work anymore, so somebody has to step in. Lucio Chua Tan Chairman & Chief Executive Officer. Lucia “Letty” Gonzales Tan, spouse of business tycoon Lucio Tan and mother of LT Group President Michael Tan, passed away on Monday, August 31. Teach history and religion, parallel topics, at the same time, to get the proper context.”. “Singaporean diplomats are pragmatic. By continuing, you are agreeing to our use of cookies. 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. 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. Tan holds a chemical engineering from Far Eastern University in Manila. Subscribe to Inquirer Business Newsletter. By continuing, you are agreeing to our use of cookies. 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. His answer was wistful: “A quiet life.”. We have a lot to learn from them.”. 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. Topics: Lucia ‘Letty’ Gonzales, Lucio Tan, Michael Tan, Lucio Call 896 6000. 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. … It was a must, he said, for him to be in the office. Dr. Lucio Chua Tan, Sr. serves as the President at PAL Holdings, Inc. and has been its Chief Executive Officer since February 18, 2020. 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. Now they will have to double up,” said Sy. View Tan C.’s profile on LinkedIn, the world’s largest professional community. Mike and elder brother Bong studied in Xavier School, then they continued high school in Singapore’s Dunman, a rigorous Chinese-language school. “After you learn engineering, everything else is easier. Mike’s birthday? 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 … Michael Tan, president and chief operating officer of LT Group Inc., shared during the conference that he was prepared for his role early. Beautiful places? It was expected for him to work during the weekends and help out. 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. He grew up with his father, group founder Lucio Tan, sharing stories during dinner about his life, the hardships he endured to build the company and also about Chinese history, to try and instill in him and his siblings positive Confucian values of patience, hard work and self-sacrifice. I have read his incisive articles in Time, Newsweek, New York Times, but have yet to venture into his books. Don't miss out on the latest news and information. Eventually, things fell into place. That is why we went public,” Tan said. “I learned from many mentors. See the complete profile on LinkedIn and discover Tan’s connections and jobs at … A member of the third generation, Chen said he started working in the family business when he was just in high school. The system has to be there,” Tan stressed. 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? “I did OK in Xavier, but in Dunman, the Chinese lessons are extremely tough. 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 […] 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". “I really don’t believe in announcing that the next generation will inherit a position. Doing so gave him a long view of what the family stood for and where the generation before him wanted the company to go. “In the family business, usually decisions are made via consensus. We use cookies to ensure you get the best experience on our website. The Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, Kishore Mahbubani is a former diplomat. Sy said knowing that these top positions are not reserved for the next generation members pushes them to focus and work hard. Michael Tan, the firstborn of Lucia, is now the president and chief operating officer of LT Group, the holding company of Lucio Tan. “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. Lucio "Bong" Tan Jr, assumed the presidency of Philippine Airlines (PAL) holding firm two weeks before his death. The modeling from his elders exposed him early to the family’s values, which he now wants to pass on to his own family. “Again, I had difficulties with Chinese. To find out more, please click this link. 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. “He said that if we don’t quite agree on things, we should think positive to help the situation,” said Sy. Jose Gabriel D. Olives Chief Financial & Risk Officer. 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. How wars might have enabled almost all European nations to rule their part of the world for a time. The company has to be run professionally. And his father? He studied chemical engineering at Far Eastern University in Manila. The values that his father drilled into them from childhood were hard work, entrepreneurship and the constant pursuit of excellence. We never know what is going to happen next. Mike the history buff was a revelation, but Mike the engineer I know well. 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. Withdrawal fees too high? Bong Tan had just been installed as president of PAL Holdings, PAL’s mother company, when he died. 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. 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. She was 77. To find out more, please click this link. Mike and wife Angeline’s children are doing well in school, something Mike attributes to his wife’s parenting (a story in itself). On this day, July 17 in the year 1934, one of the most famous businessmen in the Philippines was born in Fujian, China. Go to the smaller ones, Xiamen and Dalian; they are more progressive than Makati.”. His name is Lucio Tan, the man who built a fortune in tobacco, banking, beer, and air transportation. 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. Queena N. Lee-Chua is on the board of Ateneo de Manila University’s Family Business Development Center. He also advises members of the family to ensure clear lines of communication, so that potential conflicts can be resolved quickly and less painfully. You can’t expect to become the head instantly. This falls under the Lucio Tan Group, a separately listed holding firm, which Michael Tan heads as president and COO. 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!”. “I used to think Paris is the most beautiful city,” said Mike. There was nothing trivial with the way Mike and his siblings were educated. “But now it’s Istanbul.” He reeled off the attractions: the Hagia Sophia, the Blue Mosque, the Bosphorus River. “We had to recite passages in front of him,” said Mike. Lucio Tan Jr, is dead at 53. He was 53. “When I transitioned into the role, there was a little bit of brainstorming on what direction we should go. 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. “No. When Mike and his siblings were growing up, their father used to assign them Mandarin passages to commit to memory. https://michaelyana.blogspot.com/2011/12/lucio-tan-successful-story.html Adjacent ATM may be cheaper under new BSP scheme, CNN Philippines to lay off some employees, Musk’s SpaceX, Uy’s Converge ICT in talks for PH broadband satellite venture, New branches boost Jollibee 9-month income, Gaming smartphones as we know it gets a sleek upgrade in the newest vivo Y31 release, Toktok delivery service introduces super affordable delivery fees, Metro Manila mayors may appeal IATF decision to reopen cinemas, PH records 1,960 new Covid-19 infections; active cases reach 34,967, Here’s how you can be the star by smelling fresh all day with TinyTAN | Downy Special Edition, Kris Aquino sustains foot injury after bathing with uncut rose quartz, Trump impeachment trial nears end with verdict expected, Multilateral cooperation for global recovery, As impeachment vote nears, Republican reveals Trump call to Capitol, ‘Ang Dating Daan’ founder Eli Soriano dies at 73. Chen said that one of the challenges faced by family corporations is how to discipline an erring relative, given the strong family ties. 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(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. Call 896 6000. Be patient. https://kwenivarga.wordpress.com/2009/06/27/dealing-with-stress-filipino-style Indeed the Feng Shui master is correct, after marrying Letty Tan, Lucio's … Unlike parents who claim to be too busy with work or hobbies, the taipan and his son devote time to things that matter. If only teachers would emphasize that Corinth is a city in Greece, or that Rome was the center of the empire for centuries. 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. Mike does not like to be in the spotlight. “I believe that the [position of CEO] is best opened to anyone, including the children. Istanbul is also at the crossroads of East and West, he said. 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. Subscribe to Inquirer Business Newsletter. E-mail her at [email protected]. "Bong was a son, husband, father, friend and, most importantly, our elder brother whom we all relied on for advice, counsel and leadership," his … 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. “In business, we need to know what the context is, to better understand why things are happening.” “Istanbul.” Really? I even had a tutor,” he said. We use cookies to ensure you get the best experience on our website. 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. But since I studied at the neighboring girls’ school, I have heard about his academic prowess. “In the Bible, we read the Letters to the Romans and the Corinthians, but Christianity would be better understood if put in context. Don't miss out on the latest news and information. He next studied in Beijing University. Lucio Tan is the founder and chairman of the $2 billion (sales) LT group, which has interests in tobacco, spirits, banking and property development. How the early unification of China affected its people. In 1982, Tan established Asia Brewery. (adsbygoogle = window.adsbygoogle || []).push({}); Context is why Mike takes the time to read serious works. Last year, Lucio “Bong” Tan Jr., a son of Lucio with wife Carmen, died of brain aneurysm. We both love the TV comedy “Big Bang Theory,” especially the character Sheldon, arguably the nerdiest of them all. They tend to be very progressive. 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. LUCIO TAN, irascible lately because of brother Mariano Tanenglian, had finally consented to an urgent medical procedure last week. After graduation, Mike took language lessons at the Beijing Chinese Language and Culture College. LT Group, Inc. is majority-owned by Tangent Holdings Corporation, its ultimate parent company (also controlled by Tan). 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. They will have the advantage of coaching, but it will still depend on whether they are qualified,” said Sy. I want my kids to be able to stand on their own.”, Would he force his children into the family business? 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. “When my father was building the company, we were perpetually on survival mode. History helps Mike put events in context. Or work. “Qingtao, beside the lake.” Favorite place in the world? 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. 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. 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. The best places in China: Beijing, Shanghai, Guangzhou? (adsbygoogle = window.adsbygoogle || []).push({}); “For me it is good for the children to be involved as early as possible so that they will think like we think,” Chen said. “If they know that it is going to be just handed to them, then they will not work hard. 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. 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. 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. Engineering for Mike is the ideal background for any field. When conflicts inevitably arise, Sy said his father had always emphasized two principles—respect for one another and thinking positive. There is a process, and that is why you want to start early,” Po said. My father used to tell us that nothing is certain in life, that we should not take things for granted. 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. Lucio Tan remains chairman of the airline itself while Bautista remains president. 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. They don’t take sides, whether for or against China, the US… They analyze things in context.”. “Beside him, I pale in comparison.” We’ll take that in context. 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. Take religion. They should be memorizing multiplication tables!”, I agreed, and couldn’t resist saying: “Mike, you actually have time to tutor your kids!”. His brother, Lucio "Bong" Tan Jr. is president and COO of Tanduay and is vice chairman of Philippine Airlines, where their sister, Vivienne Tan, is head of audit.

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