Philippine Bank of Communications announced that at the regular meeting of the Board of Directors held on June 29, 2022, the Board accepted with regrets, the resignations of: Mr. Bienvenido E. Laguesma as Independent Director, effective 14 June 2022, and Mr. Jaime J. Bautista as Director, effective 29 June 2022. In the same meeting, the remaining members of the Board duly elected Mr. Stephen T. CuUnjieng as Independent Director upon the endorsement of the Governance Committee, effective 1 July 2022. Mr. CuUnjieng shall serve the unexpired term of Mr. Laguesma.

Mr. CuUnjieng concurrently serves as an Independent Director of First Philippine Holdings Corporation since 2018. He was a Senior Managing Director at Evercore and Chairman at Evercore Asia Limited from 2009 to 2022. He is part of the Executive Advisory Board for Asia of the Wharton School of Business.

He is also an independent director at Century Properties Group, Golden Springs (Singapore) Phoenix Petroleum PH Inc. and Ave Point. He was previously an independent director of Aboitiz Equity Ventures (2010 to 2018), an Adviser to the Board of SM Investments Corporation (2008-2017) and a director of Manila North Tollways Corporation (2008-2013). He was Vice Chairman, ASEAN of Macquarie (Hong Kong) Limited from 2007 to 2009.

Mr. CuUnjieng holds a Degree in Bachelor of Arts (1980) and also has a Bachelor's Degree in Law (with honors) (1984) from the Ateneo de Manila University and the Ateneo Law School. He also has a Master's Degree in Business Administration (Finance) from the Wharton School of Business (1986).