At a meeting held today, December 12, 2012, the Board of Directors of Bank of the Philippine Islands (BPI) approved a succession plan recommended by its Nomination Committee and Personnel and Compensation Committee. Cezar P. Consing will be nominated to succeed Aurelio R. Montinola III as President and CEO at the next organizational meeting of the Board immediately following the stockholders’ meeting scheduled on April 18, 2013. This movement is in line with the traditional retirement practices in BPI and forms part of the normal succession process.
Consing has over 25 years of experience in international finance, particularly in investment banking, commercial banking, and private equity. He has led large groups of highly qualified finance professionals and has managed and grown complex businesses in highly competitive environments. He has also been directly involved in several significant financial transactions in Asia and in the Philippines.
Consing’s involvement with Bank of the Philippine Islands started in 1981 when he became the youngest management trainee in the corporate planning department and later moved to corporate banking, where he eventually headed the Conglomerate and Multinational Coverage team. He was appointed Assistant Vice President in corporate banking in 1985. He then joined J.P. Morgan & Co. as a transferee from BPI and built a 20-year career in investment banking while based in Hong Kong and Singapore, the last seven years of which as head or co-head of investment banking for Asia Pacific between 1997 and 2004. From 2001, he was president of J.P. Morgan Securities (Asia Pacific) Ltd. and had overall responsibility for the combined Asian investment banking businesses of J.P. Morgan, Chase Manhattan, and Jardine Fleming.
At the board level, Consing represented J.P. Morgan on the Boards of Directors of BPI and BPI Capital in 1995 to 2000. He rejoined the BPI Board as an independent director from 2004 to 2007, and then again, in 2010, where he currently serves as an independent director and a member of its personnel and risk management committee.
Since 2004, Consing has been a partner of The Rohatyn Group, a US$3 billion international hedge fund and private equity firm focused exclusively on the emerging markets. He runs the firm’s Hong Kong office and is responsible for its private equity business in Asia, including oversight of the firm’s two joint ventures in the region, Arch Capital in Hong Kong, and CapAsia in Singapore. He has also served as independent board director of CIMB Group Holdings, CIMB Group Sdn Berhad in Malaysia, and CIMB Securities International in Singapore, as well as of First Gen Corporation (since 2005) and Jollibee Foods Corporation (since 2010). He previously served as member of the advisory board and executive committee of Asian Youth Orchestra.
Consing, 53, earned a degree in Economics (accelerated program, magna cum laude) from De La Salle University in 1979, and a master’s degree in Applied Economics from the University of Michigan in 1980.
Says BPI Chairman Jaime Augusto Zobel de Ayala, “After an extensive search process, we are very pleased to announce the selection of Cezar (Bong) Consing as the ideal candidate to lead the Bank of the Philippines Islands in this increasingly complex financial market environment. His extensive experience in international banking and financial services, combined with his knowledge of BPI over a large span of years, will be an exciting addition to our exceptional management team.”
From now until April 2013, Consing and Montinola will be working together to ensure a smooth transition in the management of the bank. Montinola will continue to serve as a member of the board of BPI upon the transition in April.
The above statement pertains to the disclosure made today, December 12, 2012, to the Securities and Exchange Commission and Philippine Stock Exchange, by BPI corporate secretary Carlos Aquino.