Ayala CFO to take helm at BPI in 2021

Ayala Corp.’s Chief Finance Office Jose Teodoro “TG” K. Limcaoco is next in line to lead the conglomerate’s banking arm Bank of the Philippine Islands (BPI) next year.

He will succeed incumbent BPI President and Chief Executive Officer (CEO) Cezar P. Consing effective April 22 following their annual stockholders meeting, the lender said in a statement on Wednesday.

Mr. Limcaoco has been a board director at BPI since February 2019 and has also been part of its Executive Committee since April 2019.

Mr. Limcaoco was an executive vice-president at BPI prior to his current role at Ayala. He was also president of BPI Capital Corp. from 2007 to 2010 and BPI Family Savings Bank from 2010 to 2015.

He was also responsible for the Ayala group’s insurance businesses such as Ayala Life and Ayala Plans, Inc., and had primary oversight over BPI-Philam Life Assurance Corp. and BPI/MS Insurance Corp.

Mr. Limcaoco is currently a director at several companies under the Ayala conglomerate, including Globe Telecom, Inc., Integrated Microelectronics Inc., AC Energy and Infrastructure Corp., AC Industrial Technology Holdings Inc., Ayala Healthcare Holdings Inc., and AC Infrastructure Holdings Corp.

Aside from being Ayala’s chief finance officer, he is also currently the president and CEO of AC Ventures. He also sits on the board of the companies that operate Zalora Philippines and GCash.

Mr. Limcaoco served as president of the Chamber of Thrift Banks from 2013 to 2015 and is also a member of the Capital Markets Development Committee of the Bankers Association of the Philippines.

He holds a BS Mathematical Sciences (Honors Program) degree from Stanford University and a Masters of Business Administration degree from the Wharton School of the University of Pennsylvania.

Meanwhile, Mr. Consing has been with BPI for nearly 20 years. Mr. Consing has been elected as board director of Ayala and is the largest shareholder at BPI. He will remain as board director and executive committee member at the bank after his term as CEO.

“We are 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,” Ayala CEO and BPI Chairman Jaime Augusto Zobel de Ayala said in the statement.

“His deep background in banking and finance, innovation and digitalization, risk management and ESG (environmental, social, and corporate governance), 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,” he added.

“I would like to state that Mr. Consing has provided extraordinary leadership during his tenure and has been particularly effective in charting BPI’s path during this crisis year,” Mr. Zobel said.

BPI’s net earnings declined 33.7% to P5.5 billion in the third quarter from P8.29 billion a year earlier due to higher loan loss reserves amid the coronavirus crisis. Its net profit for the first nine months slid 22.1% to P17.17 billion from P22.03 billion in the same period of 2019.

The bank’s shares closed unchanged at P83 apiece on Wednesday. — L.W.T. Noble

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