At their year-end meeting on Wednesday, Dec. 16, the board of directors of the Bank of the Philippine Islands approved the succession plan for Jose Teodoro “TG” Limcaoco to succeed Cezar “Bong” Consing as president and CEO effective April 22, 2021.
The board also thanked Consing, 61, for consenting last year to extend his term as president and CEO in order to help ensure an effective transition and for his stewardship especially during this year’s crisis.
Earlier this month, Consing, was elected board director of Ayala Corporation, BPI’s largest shareholder. After his term as president and CEO, he will remain a board director and executive committee member of BPI.
Consing has served on BPI’s board for almost 20 years, initially joining in 1995 representing JP Morgan & Co. and was appointed in 2013 as president and CEO of BPI.
Relatedly, he is the chairman of various subsidiary companies of BPI, including BPI Family Savings Bank, BPI Capital, BPI Europe, BPI/MS Insurance Corporation, and BPI Tokyo Century Leasing.
Consing is a also leader in the banking industry, currently serving as chairman and president of the Bankers Association of the Philippines, chairman of the Philippine Dealing System, and president of Bancnet.
Limcaoco, currently chief finance officer of Ayala Corporation, is intimately familiar with BPI. He has been a board director of BPI since February 2019 and a member of the executive committee since April 2019.
Prior to assuming his current roles at Ayala Corporation, Limcaoco was an executive vice president of BPI, president of BPI Capital (2007-2010) responsible for BPI’s investment banking business; and president of BPI Family Savings Bank (2010-2015) responsible for BPI’s consumer lending business.
He was also responsible for BPI’s insurance businesses, Ayala Life and Ayala Plans, and had primary oversight over BPI Philam and BPI/MS. He is director of several Ayala companies including Globe Telecom, Integrated Microelectronics Inc., AC Energy and Infrastructure Corporation, AC Industrials, AC Health, AC Infrastructure; president and CEO of AC Ventures; and sits on the board of the companies that operate Zalora Philippines and GCash.
Outside of the Ayala group of companies, Limcaoco was president of the Chamber of Thrift Banks (2013-2015), and served as a trustee and officer of the Investment House Association of the Philippines, as a member of the Capital Markets Development Committee of the Bankers Association of the Philippines and as a member of the Market Integrity Board of the Philippine Stock Exchange.
Limcaoco was recognized as the ING Finex CFO of the Year in 2017. He holds a BS in Mathematical Sciences (Honors Program) from Stanford University and an MBA from the Wharton School of the University of Pennsylvania.
