Ayala Group announces key leadership changes

The Ayala Group on Wednesday announced key leadership changes, with Ayala Corporation chief finance officer and veteran banker Jose Teodoro "TG" Limcaoco set to take over the Bank of the Philippine Islands (BPI) effective April next year.

In an emailed statement, BPI said its directors approved the appointment of Limcaoco as BPI president and chief executive officer effective April 22, 2021 after the lender's annual stockholders meeting.

He will take over the position to be vacated by Cezar "Bong" Consing, 61, who reached retirement age last year and consented to extend his term to help ensure an effective transition moving forward. He will remain a Board Director and Executive Committee member.

"TG is an excellent choice to lead BPI," Consing said, "prior to his many roles in Ayala, he headed the bank’s investment banking business, and later our retail lending business. He has been a banker for most of his career, and his strong technological bent and commitment to sustainability will be critical for the BPI of the future."

"Bong’s foresight, strategy, and follow-through over the past years have helped build one of the strongest banks, tested and proven during this crisis. I am excited to be given the opportunity to lead BPI at a time of massive opportunity and transformation in the industry," said Limcaoco.

Limcaoco's positions of CFO, Chief Risk Officer, and Chief Sustainability will be filled by Globe Telecom Inc. chief commercial officer Alberto de Larrazabal effective April 23, 2021.

In a separate regulatory filing, Globe announced the nomination of Maria Louisa Guevarra-Cabreira—head of Globe's Consumer Business Group—to take over the to-be vacated spot of de Larrazabal for election on April 23, 2021.

"The Ayala group of companies is very fortunate to have a deep bench and succession pathways for colleagues who epitomize our values and exhibit potential beyond their current roles," Ayala Corporation chairman and chief executive officer Jaime Augusto Zobel de Ayala said in a separate statement.

Shares in BPI closed Wednesday unchanged at P83.00 apiece; Globe down P30.00 or 1.48% to P2,000.00 apiece; and Ayala Corporation up P7.00 or 0.83% to P849.00 apiece. — Jon Viktor D. Cabuenas/BM, GMA News