More shakeups in BPI management seen after Don Jaime’s retirement

The retirement of Don Jaime Zobel de Ayala as chairman of the board of the Bank of the Philippines Islands (BPI) last month has triggered a number of changes in the bank’s hierarchy.

BPI senior executive vice president Aurelio R. Montinola III relinquished his post as chief executive officer of BPI Family Savings Bank. But he remains a regular board director of BPI and a full-time member of the BPI management team.

Alfonso L. Salcedo Jr. takes over as the new CEO of BPI Family Savings Bank surrendering his present post as head of BPI’s insurance group and Ayala Life Assurance Inc. The insurance group is composed of Ayala Plans, Ayala Health, BPI/MS (non-life insurance), Universal Reinsurance Corp., BPI Bancassurance, and Ayala Life, among others.

BPI executive vice president Emilio S. de Quiros Jr. will head the insurance group. He will relinquishing his post as head of BPI Asset Management & Trust Group.

In turn, BPI senior vice president Adelberto A. Legasto will assume the top post of BPI Asset Management after staying in the shadows of De Quiros over the years.

"There will still be changes at the higher level but so far it remains quite fluid," bank sources said.

After its annual stockholders meeting last month, Jaime Augusto Zobel de Ayala (more popularly known as Jaza) was named chairman to replace his father. Named bank vice chairman, meanwhile was Jeanette Wong, who has been representing the 20-percent stake of Development Bank of Singapore (DBS Bank) interests in the BPI board.

BPI president and chief executive officer Xavier P. Loinaz, on the other hand, retained his post.