TG Limcaoco to Helm Ayala-Owned Bank of the Philippine Islands in 2021
The Bank of the Philippine Islands (BPI), the oldest bank in the country, will soon be led by Jose Teodoro K. Limcaoco who will succeed Cezar P. Consing as president and CEO of BPI.
Consing has been president and CEO of BPI since 2013. Limcaoco will only be the 14th president and CEO of the bank’s 170-year history.
Limcaoco is currently the chief finance officer, chief risk officer, and chief sustainability officer of Ayala Corp., and will take up his new mantle as BPI’s new president and CEO on April 23, 2021, after the scheduled BPI stockholders’ meeting.
As Limcaoco prepares to move to BPI, his position at Ayala Corp. will be filled by successor Alberto M. de Larrazabal, former CFO of San Miguel Corporation and former CFO and treasurer of Globe Telecom. His most recent role was that of chief commercial officer for the telecom giant.
Ayala’s latest organizational moves will take effect at a crucial time as the economy transitions toward a period of recovery in the post-covid world.
The executive promotions are also in line with Ayala Corp.’s mission to give succession plans as many options as possible. In an interview with Bloomberg in 2019, Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala made it clear that the next CEO of the conglomerate could very well come from outside the family as Ayala Corp. “may be ready for an outsider at the helm,” said Bloomberg.
JAZA and brother Fernando Zobel de Ayala are currently chairman and vice chairman, respectively, of BPI, under parent company Ayala Corp.