At their year-end meeting on December 16, 2020, the Board of Directors of the Bank of the Philippine Islands unanimously approved the succession plan for the position of CEO whereby Mr. Jose Teodoro "TG" K. Limcaoco, currently Chief Finance Officer of Ayala Corporation, will succeed Mr. Cezar "Bong" P. Consing as CEO of BPI, effective April 22, 2021, after the Annual Stockholders Meeting. Mr. Limcaoco is a proven leader and industry expert, and 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, TG 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, Mr. 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.