In the Philippines, real estate development firm, Alliance Global Group Incorporated, has reportedly announced that Andrew Tan (pictured) has stepped down as its Chief Executive Officer to be replaced by his 38-year-old son, Kevin Tan.
According to a report from GGRAsia, the Manila-headquartered compant made the revelation via a Monday filing with the Philippine Stock Exchange while additionally explaining that 65-year-old Tan is to retain his long-held position as the company’s Chairman.
“[Andrew] Tan has no disagreement with the corporation on any matter relating to its operations, policies or practices,” read the short filing from Alliance.
The company is responsible in partnership with Genting Hong Kong Limited for the Travellers International Hotel Group Incorporated venture, which runs the Philippines’ Resorts World Manila integrated casino resort, and is also building the nearby Resorts World Westside City via its Megaworld Corporation subordinate.
The Philippine Star reported that the younger Tan has served as a director at Alliance Global Group Incorporated since 2012 and he is now to be in charge of deciding the future strategic direction of the firm as well as handling all of its acquisitions, investments and financial operations. He is to moreover purportedly be responsible for implementing programs designed to further diversify the company’s holdings.
“Kevin’s vast exposure and professional experience in the various companies under Alliance Global Group [Incorporated] for almost two decades brings him to the pedestal of this new leadership role,” the elder Tan reportedly told The Philippine Star yesterday.