Bank of the Philippine Islands (BPI) will be welcoming a new chief next year after the current president was elected as board director for its parent firm Ayala Corp.
In a disclosure on Wednesday, the listed bank announced that its current chief executive officer, Cezar P. Consing, will be succeeded by incumbent Ayala Corp. Chief Financial Officer Teodoro K. Limcaoco effective April 22 next year.
The decision was made by the board of directors during the bank’s year-end meeting.
BPI said that Consing will remain a board director and executive committee member of the bank after his term despite being elected as board director of Ayala Corp. back in November.
Consing has served on the bank’s board for nearly two decades. BPI has been under his leadership beginning 2013 after being appointed as the president.
At the same time, he is serving as chairman in various BPI subsidiaries. These include BPI Family Savings Bank, BPI Capital, BPI Europe, BPI/MS Insurance Corporation and BPI Tokyo Century Leasing.
Consing is also leading the Bankers Association of the Philippines, Philippine Dealing System and Bancnet Inc.
Meanwhile, Limcaoco has been a BPI board director since February last year before becoming a member of the executive committee a few months later.
Before taking his post in Ayala Corp., Limcaoco was the executive vice president of BPI, president of BPI Capital and president of BPI Family Savings Bank.
He was given roles in BPI’s insurance businesses, including Ayala Life and Ayala Plans, and oversaw BPI Philam and BPI/MS.
Limcaoco is a director in other Ayala firms, including Globe Telecom, Integrated Microelectronics Inc., AC Energy and Infrastructure Corporation, AC Industrials, AC Health and AC Infrastructure.
In addition, Limcaoco was the president of the Chamber of Thrift Banks in 2013 to 2015. He also served as a trustee and officer of the Investment House Association of the Philippines.
He holds a bachelor’s degree in Mathematical Sciences from Stanford University. He completed his master’s in business administration in Wharton School of the University of Pennsylvania.
Consing welcomed the appointment of Limcaoco, noting that the latter was an “excellent choice to lead BPI.”
“Prior to his (Limcaoco’s) many roles in Ayala, he headed the bank’s investment banking business, and later our retail lending business,” Consing said. “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.”
Limcaoco said he was looking forward to taking the helm of “one of the strongest banks,” crediting BPI’s current robust position to Consing’s leadership.
“I am excited to be given the opportunity to lead BPI at a time of massive opportunity and transformation in the industry,” he said.
Meanwhile, BPI Chairman Jaime Augusto Zobel de Ayala said that the bank is “very fortunate to have the depth in our leadership bench that enables us to transition to a leader of Mr. Limcaoco’s expertise and experience.”
Zobel de Ayala also acknowledged the “extraordinary leadership” that Consing has provided for the bank during his term.