Cebu Air, Inc. announced that Board of Directors of the Company, at its meeting on 05 December 2022, approved the following changes to its leadership team effective 01 January 2023: James L. Go resigns as Director and Chairman. 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. Alexander Lao, presently Chief Commercial Officer, will now be President and Chief Commercial Officer. In Mr. Lao's expanded role as President, he will take a more active role in supporting the Chief Executive Officer in strategic execution and stakeholder management, including regulators, government partners, investors, among others. Prior to this appointment, Mr. Lao was Vice President for Commercial Planning before becoming Chief Strategy Officer where he led the Corporate Strategy Office that played an integral part in CEB's Future Size and Shape initiative in 2020; he also previously served as President and Chief Executive Officer of Cebgo, Inc. Mr. Lao's move solidifies what has long been a plan of succession to create a future-ready leadership pipeline.