Ayala Corp., the country’s oldest conglomerate, announced Wednesday key organizational changes within the group that will take effect next year.
The conglomerate said in a disclosure to the stock exchange its board of directors approved the nomination of Jose Teodoro Limcaoco to succeed Cezar Consing as president and chief executive of banking unit Bank of the Philippine Islands.
Limcaoco will succeed Consing after the BPI stockholders’ meeting set for April 22, 2021.
“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,” Ayala Corp. chairman and chief executive Jaime Augusto Zobel de Ayala said.
“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 Corp. 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,” Zobel de Ayala said.
Limcaoco is the chief finance officer, chief risk officer and chief sustainability officer of Ayala Corp. He will be succeeded by Alberto de Larrazabal effective April 23, 2021.
De Larrazabal joined Globe Telecom Inc., the telecom unit of Ayala group, in June 2006 as head of its treasury division overseeing treasury, tax and insurance operations.
He was promoted to the role of chief financial officer and treasurer in 2010 and did exceptionally well as CFO.
He was elevated to a newly created role of chief commercial officer in November 2015 to oversee all customer facing units and growing revenues across all products and service groups.
Ayala Corp. said de Larrazabal 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 chief finance officer of San Miguel Corp., capping over 18 years across all major finance functions at SMC.
“We are excited at the prospect of having Albert move from Globe to join Ayala Corp. 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,” Zobel de Ayala said.
De Larrazabal will be replaced by Maria Louisa Guevarra-Cabriera. Yolanda Crisanto, senior vice president for corporate communications of Globe said. Crisanto said the official appointment of Cabriera would take effect in April 2021 and that “she is deputy CCO during the transition period effective immediately.”
As CCO, Cabreira will provide oversight to the commercial businesses, brand and marketing teams of Globe.
Cabriera will be responsible for designing, integrating and driving the execution of the different strategies of all Customer Facing Units in Globe. With Julito G. Rada and Darwin G. Amojelar