The Market Monitor Minding the Nation's Business
Philippine Airlines (PAL) named British aviation expert Richard Nuttall as its next president, signaling the airline’s intent to accelerate international expansion and drive “sustainable growth.”
“Appointing Richard Nuttall to Philippine Airlines is an important part of our medium-term and long-term strategy of building a robust management team and growing our business internationally,” said PAL Holdings President and Chief Operating Officer Lucio C. Tan III.
“As president, he will play an active role in bringing a global dimension to the Heart of the Filipino, and I look forward to working closely with him in the days and months ahead,” he added.
Mr. Nuttall’s appointment will take effect May 29.
“I am confident that he will create and develop sustainable growth for PAL,” PAL Chairman and Chief Executive Officer Lucio C. Tan said.
Mr. Nuttall previously served as the chief executive officer of SriLankan Airlines, where he oversaw the carrier’s return to operational profitability.
He also served as an executive board member of the SkyTeam Alliance, working on the reform of the Alliance’s governance to advance airline collaboration.
Currently, PAL operates a global network of nonstop flights out of hubs in Manila, Cebu, Clark, and Davao to 31 destinations in the Philippines and 37 destinations across Asia, North America, Australia, and the Middle East.
PAL said the company’s current president and chief operating officer (COO), Stanley K. Ng, will assume a new role as vice-president of PAL Holdings, Inc. and a member of the company’s board of directors.
PAL said Mr. Ng’s appointment at its parent company is expected to provide the flag carrier with strategic direction and vision in bringing the airline to a new level of service and profitability.
Further, PAL said its general counsel, Carlos Luis L. Fernandez, will also take on a new role as executive vice-president and chief operating officer effective May 29.
For 2024, PAL Holdings recorded a total comprehensive net income of P10.01 billion, falling by 51% from P20.48 billion in 2023 due to lower revenues for the period. It logged a revenue of P178.01 billion, marking a decrease of 0.62% from P179.12 billion in 2023.
The flag carrier said the decline was due to a decrease in the load factor, which fell to 79.1% last year from 80.8% in 2023, contributing to lower revenues for the period.