Ayala Corporation, the country’s oldest conglomerate, announced that it will be appointing its Chief Finance Officer Jose Teodoro “TG” K. Limcaoco as the new President of Bank of the Philippine Islands next year.
In a statement, the firm said Ayala Chairman and Chief Executive Jaime Augusto Zobel de Ayala announced the succession plan for the group’s CFO.
BPI’s Board of Directors has approved their CEO succession plan whereby Limcaoco will succeed Cezar P. Consing as President and CEO of BPI, after the BPI stockholders’ meeting set for April 22, 2021.
Limcaoco concurrently holds the positions of Chief Risk Officer and Chief Sustainability Officer of Ayala Corporation.
Zobel said Ayala Corporation’s Board of Directors has also approved the nomination of Alberto M. de Larrazabal to succeed Limcaoco as CFO, Chief Risk Officer and Chief Sustainability Officer, effective on April 23, 2021.
“(Larrazabal) is no stranger to the Ayala Group having joined Globe Telecom in June 2006 as head of its Treasury Division overseeing treasury, tax and insurance operations,” Ayala said.
It added that, “He was promoted to the role of CFO and Treasurer in 2010 and did exceptionally well as CFO. In November 2015, (Larrazabal) was elevated to a newly created role of Chief Commercial Officer, overseeing all customer facing units (CFUs) and growing revenues across all products and service groups.
He brings to the company a wealth of expertise in finance, treasury, risk and commercial operations at the holding company level. Prior to joining Globe in 2006, he was CFO of San Miguel Corporation, capping over 18 years across all major finance functions at SMC.
Zobel said “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.”
“TG is an outstanding and valued leader in our group. His deep background in banking and finance, innovation and digitalization, risk management and ESG, and the strong alliances he has forged have been indispensable to Ayala Corporation in the last few years and especially during the crisis of 2020.
Going forward, these strengths of TG will be invaluable in ensuring continued success for BPI as the country and the world transition from crisis to recovery,” he added. “We are excited at the prospect of having Albert move from Globe to join Ayala Corporation in April 2021. His proven business acumen, leadership and ability to navigate in a complex conglomerate setting will be crucial as we steer through and beyond the challenges and seize the opportunities ahead,” noted Zobel.