October 8, 2024 | 12:00am
MANILA, Philippines — Tycoon Kevin Tan has ascended the ranks at property giant Megaworld Corp., taking on the role of executive director as he succeeds his mother, Katherine Tan, who stepped down yesterday.
Megaworld said the remaining directors, while still constituting a quorum, resolved to appoint the younger Tan as a member of the company’s board of directors.
Prior to his appointment, Kevin previously served as executive vice president and chief strategy officer at Megaworld while holding key leadership positions within the empire of his father, tycoon Andrew Tan.
This move marks a significant step in the succession plan designed to position Kevin at the helm of Megaworld and shape the company’s future trajectory.
“As a member of the board, he will become more active in strategy setting and corporate governance and thereby have a greater impact on the direction of the company,” China Bank Capital Corp.’s Juan Paolo Colet told The STAR.
This appointment, Colet said, would also reassure investors that “there is a good transition to a young but highly capable leader who is committed to creating shareholder value.”
For Luis Limlingan of Regina Capital Development Corp., the recent move could unlock potential for Megaworld’s profitability moving forward as the group sets its sights on strategic growth and expansion.
“This, alongside Megaworld’s second-quarter double-digit growth in real estate sales, mall rentals, hotel revenues and sustained growth in office rentals, may spell expansive top-line growth in the upcoming months,” Limlingan said.
Since June, Kevin has taken over as president of the Tan family’s listed holding company, Alliance Global Group Inc. (AGI), in addition to his roles as vice chairman and CEO.
Concurrently, he serves as a director in several subsidiaries of AGI, including Emperador Inc., Empire East Land Holdings Inc., Global-Estate Resorts Inc. and MREIT Inc.
The 45-year-old billionaire is also the chairman of the board of trustees of the Megaworld Foundation.
Having been part of the conglomerate for over a decade, he has extensive experience in real estate and executive management functions.
Kevin holds a bachelor’s degree in business administration majoring in management from the University of Asia and the Pacific.
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