Cebu Air, Inc. announced that Mr. Lance Gokongwei, Gokongwei Group and CEB's President and CEO, will now be Chairman of CEB. From inception of CEB in 1996 and charting its phenomenal growth henceforth, Mr. Gokongwei will continue to lend his considerable experience and invaluable strategic advice as the new Chairman, on top of his responsibility in presiding all meetings of the stockholders and the Board of Directors. Mr. Michael Szucs, currently Chief Executive Adviser, will become Chief Executive Officer.

In his capacity as CEO, Mr. Szucs will formally lead CEB and report to the Chairman and will work closely with its Board of Directors and the Gokongwei Group's Executive Committee and Executive Leadership Council. With this move, Mr. Szucs becomes the Accountable Manager who has overall accountability for the operations of Cebu Air, Inc., as recognized by and documented in the Civil Aviation Authority of the Philippines (CAAP). He joined CEB in 2016, bringing with him solid executive leadership spanning over 20 years across 6 global airlines.

With Mr. Szucs' guidance, CEB has seen unparalleled growth and has been at the heart of things in building resiliency and agility that helped the Company weather he most challenging crisis in the industry, and which will surely serve CEB well in the years to come.