TG Limcaoco is new BPI CEO, Ayala Group promotes execs

Ayala-led Bank of the Philippine Islands (BPI) appointed Jose Teodoro "TG" Limcaoco as its new chief executive officer, replacing Cezar Consing, effective April 22, 2021.

Consing will remain as board director and executive committee member, BPI said in a statement on Wednesday, December 16.

Limcaoco, currently Ayala Corporation's chief financial officer, chief risk officer, and chief sustainability officer, is no stranger to BPI.

He served as executive vice president of the bank, became president of BPI Capital in 2007, president of BPI Family Savings Bank in 2010, and board member of BPI in 2019.

Limcaoco is also responsible for BPI's insurance businesses, Ayala Life and Ayala Plans, and had oversight over BPI Philam and BPI/MS Insurance Corporation.

"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.

Limcaoco was also former president of the Chamber of Thrift Banks, served as trustee and officer of the Investment House Association of the Philippines, was a member of the capital markets development committee of the Bankers Association of the Philippines, and a member of the market integrity board of the Philippine Stock Exchange.

Limcaoco has a degree in mathematical sciences from Stanford University and an MBA from Wharton School of the University of Pennsylvania.

Organizational moves

With Limcaoco leading BPI, Ayala Corporation's board of directors appointed Globe's Alberto de Larrazabal to be the group's CFO, chief risk officer, and chief sustainability officer by April 23, 2021.

De Larrazabal is Globe's chief commercial officer, overseeing all customer facing units and growing revenues across all products and service groups.

Maria Louisa Guevarra Cabreira will take over as Globe's CCO. She is currently the head of Globe's consumer business group.

"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," said Ayala Corporation chairman and CEO Jaime Augusto Zobel de Ayala. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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