MANILA - The Ayala Group announced Wednesday top executives of its companies Ayala Corp (AC), Bank of the Philippine Islands (BPI), and Globe Telecom will moving within the organization.
“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,” Jaime Augusto Zobel de Ayala, AC chairman and CEO, said in a statement.
AC's Chief Financial Officer (CFO), Jose Teodoro Limcaoco will succeed Cezar Consing as President and CEO of BPI, after board approval on Wednesday.
Limcaoco's transfer will be effective after the BPI stockholders' meeting scheduled for April 22 next year.
Consing, now outgoing BPI president, will remain as a board director and executive committee member of the bank.
Meanwhile, Globe's concurrent Chief Commercial Officer (CCO) Alberto M. de Larrazabal will become AC's CFO after Limcaoco by the time of AC stockholders' meeting on April 23.
After De Larrazabal's transfer, Globe will move up Maria Louisa Guevarra-Cabreira to the CCO position, from her current post as head for Globe's Commercial Business.
Zobel is confident of the major leadership moves, citing Limcaoco's strong banking and finance background will serve BPI as he goes back to banking roots, while also welcoming Larrazabal as their new CFO.
Before transferring to AC, Limcaoco was an executive vice president of BPI, and president of BPI Capital 10 years ago.
The Ayala Group of companies include not only conglomerate AC, BPI and Globe, but also Ayala Land, Manila Water, AC Infrastructure, AC Energy, and electronics manufacturer Integrated Micro-Electronics Inc.