Philippine National Bank president resigns to assume new government post
Philippine National Bank [PNB 18.00 0.45%] [link] was forced to appoint an officer-in-charge, Florido Casuela, after its previous President, Wick Veloso, resigned from the company in order to assume a new government post as the head of the Government Service Insurance System.
Mr. Veloso’s resignation was effective as of July 5th, and Mr. Casuela’s OIC appointment took effect on the same date.
As a director of PNB, Mr. Casuela is no stranger to the bank (he’s the chairman of PNB Securities), and will assist the board in searching for permanent appointment for Mr. Veloso’s vacated Presidency.
PNB is the banking arm of Lucio Tan’s group of companies.
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Mr. Veloso started as PNB’s President back in 2018, when PNB was trading at P30/share.
After a period where PNB’s share price jumped up to the P40-45/share range in 2019, the stock price has since slid consistently to the point where it’s now in the P17/share level, down over 40% from when he assumed the leadership role.
That’s not to say that Mr. Veloso didn’t try some outside-of-the-box tricks to bring value to shareholders, an approach best exemplified by PNB’s declaration of property dividends in 2021 for shares in a subsidiary property holding company.
Sure, it’s been a year since that declaration and PNB shareholders are still waiting for news on when those divs will be paid, but I got the impression that Mr. Veloso was doing the best that he could with the hand that he was dealt.
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