Tycoon Andrew Tan has given up his position as chief executive officer of listed holding firm Alliance Global Group, Inc. (AGI), appointing son Kevin his as replacement.
Alliance Global, in a disclosure, said its board had accepted the resignation, adding that the elder Tan would remain chairman of the conglomerate.
“Dr. Tan has no disagreement with the corporation on any matter relating to its operations, policies or practices,” it added.
In a separate statement, Andrew Tan said: “Kevin’s vast exposure and professional experience in the various companies under Alliance Global Group for almost two decades brings him to the pedestal of this new leadership role.”
Prior to his appointment, the younger Tan served as the conglomerate’s executive director since September 2016 while simultaneously acting as director for subsidiaries such as Emperador, Inc., Global-Estate Resorts, Inc., Empire East Land Holdings, Inc., and Golden Arches Development Corp.
As executive director, he was in charge of the firm’s external affairs.
Kevin Tan concurrently heads unit Megaworld Lifestyle Malls. Under his leadership, the company was able to launch 15 full-scale malls within various townships owned by AGI’s real estate arm, Megaworld Corp.
He is also president of AGI’s newest subsidiary, Infracorp Development, Inc., which was established last year in a bid to participate in the Duterte administration’s centerpiece “Build Build Build” program.
Infracorp has recently received original proponent status for its proposed Skytrain project, which will connect Bonifacio Global City to the Metro Rail Transit 3’s Guadalupe station.
As the new CEO of AGI, Kevin Tan will spearhead the conglomerate’s strategic direction, financial operations as well as investments and acquisitions.
He will also take the lead in implementing programs and business strategies to further expand the firm’s growth into becoming one of the most diversified conglomerates in the country.