The parent company of Philippine integrated resort operator Newport World Resorts says that the recent drastic changes in management were all part of a transition plan after the group assumed full ownership of the IR’s operating company.
In a filing with the Philippine Stock Exchange, Alliance Global Group (AGI) stated that ‘the departure of Mr. Kingson U. Sian, Hakan Dagtas and Bernard Than, the former President, Chief Operating Officer and Chief Financial Officer of Travellers International Hotel Group, Inc. (TIHGI), respectively, is due to the conclusion of the year-long transition plan for TIHGI (a subsidiary of AGI), since AGI’s assumption of full ownership of the latter on May 30, 2023.’
The officials departed the company on June 1st.
AGI’s statement cites a report by Bilyonaryo.com, which in turn cites AGI Chairman Andrew Tan as saying that “anyone who crosses the line, whether long serving or new, regardless of their position, will face consequences of wrongdoing”. The statement did not specifically refer to the executives.
Commenting on the article’s citation, AGI indicated that ‘the statements attributed to Mr. Tan in the article only articulates the policy implemented across the AGI Group, underscoring the significance of integrity among its ranks’.
AGI further indicates that the former TIHGI President, Kingson Sian, had ‘initially deferred his planned retirement in 2022 to lead the company through the transition period’.
The group furthers in its statement that ‘The positions of Mr. Dagtas and Mr. Than, who were members of TIHGI’s management team with AGI’s former venture partner, are part of the transition plan, paving the way to AGI’s management team to helm TIHGI moving forward’.
Nilo Rodriguez, the former CFO of Philippines Airlines, has replaced Sian as CEO, while an internal hire – former Chief Casino Officer Lance Gatreaux – took on the role of COO.
