MANILA, Apr 23 (GCTL) - The parent firm of Philippine Airlines (PAL) has accepted the resignation of its board of directors after San Miguel Corp. (SMC) acquired a significant stake in the country's flag carrier.
In a disclosure to the Philippine Stock Exchange, PAL Holdings Inc. said the board of directors' in a meeting held on Friday accepted the resignation of Jaime Bautista as director and president; Domingo Chua, director and treasurer; Wilson Young, Juanita Tan Lee as directors; Johnip G. Cua as independent director and Ma. Cecilia Pesayco as corporate secretary.
The new elected directors of PAL Holdings include Ramon Ang, Inigo Zobel, Roberto Ongpin, Aurora Calderon and Ferdinand Constantino. Ang was appointed as president and chief operating officer, according to company sources, Philippines News Agency reported.
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