Limcaoco named BPI president

MANILA, Philippines — Ayala Corp. chief finance officer Jose Teodoro (TG) Limcaoco has been tapped to replace Cezar Consing as president and chief executive officer of Ayala-led Bank of the Philippine Islands (BPI) effective April next year.

BPI chairman Jaime Augusto Zobel de Ayala said the 168-year-old bank is very fortunate to have the depth in its leadership bench that enables the bank to transition to a leader of Limcaoco’s expertise and experience.

“His deep background in banking and finance, innovation and digitalization, risk management and ESG, as well as the strong alliances he has forged position us for continued success as the country and the world transition from crisis to recovery,” Zobel said.

Limcaoco is a proven leader and industry expert, and is intimately familiar with BPI. He has been a board director of BPI since February 2019 and a member of the executive committee since April 2019.

Prior to assuming his current roles at Ayala Corp., Limcaoco was an executive vice president of BPI, president of BPI Capital (2007-2010), and president of BPI Family Savings Bank (2010-2015).

Limcaoco was also responsible for BPI’s insurance businesses, Ayala Life and Ayala Plans, and had primary oversight over BPI Philam and BPI/MS.

He was also director of several Ayala companies, including Globe Telecom, Integrated Microelectronics Inc., AC Energy and Infrastructure Corp., AC Industrials, AC Health, AC Infrastructure; president and CEO of AC Ventures; and sits on the board of the companies that operate Zalora Philippines and GCash.

Outside of the Ayala Group of Companies, Limcaoco was president of the Chamber of Thrift Banks (2013-2015) and served as a trustee and officer of the Investment House Association of the Philippines, as a member of the capital markets development committee of the Bankers Association of the Philippines and as a member of the market integrity board of the Philippine Stock Exchange.

The board of directors of BPI lauded Consing for extending his term as president and CEO and helping the country’s third largest private lender to ensure an effective transition and for his outstanding stewardship especially during this year’s COVID-19 pandemic.

Consing, 61, would still be part of the board of directors and a member of BPI’s executive committee. He was elected board director of Ayala Corp.

Consing has served on BPI’s board for almost 20 years, initially joining in 1995 representing J.P. Morgan & Co., and was appointed in 2013 as president and CEO of BPI.

“TG is an excellent choice to lead BPI. 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,” Consing said.

Meanwhile, Globe chief commercial officer (CCO) Alberto de Larrazabal is set to move to Ayala Corp., with the telco’s consumer business head Maria Louisa Guevarra-Cabreira to fill his spot as part of the Ayala group’s organizational moves.

Globe said yesterday that Cabreira has been nominated to succeed de Larrazabal for election at the organizational meeting of the company’s board of directors on April next year.

De Larrazabal, who has been with Globe since 2006, has been nominated to succeed Limcaoco as chief finance officer, chief risk officer and chief sustainability officer of Ayala Corp.

Globe said Cabreira’s nomination was approved by its board of directors after review and endorsement by the nomination and governance committee, and is aligned with its process for management succession.

“As CCO, Ms. Cabreira will provide oversight to the commercial businesses, brand, and marketing teams of Globe. She will be responsible for designing, integrating, and driving the execution of the different strategies of all customer facing units in Globe,” the Ayala-led telco said.