More names floated as Leung’s possible replacement

More names are being floated as possible replacement for Philippine Stock Exchange (PSE) president Ernest Leung when his term expires in February next year.

A PSE source, who requested not be named, said former PSE corporate secretary Francisco Villaroman and former broker Antonio Garcia are being considered for the position.

Villaroman was appointed as corporate secretary during the term of PSE chairman Vivian Yuchengco while Garcia used to head A. Garcia Securities.

This early, however, some brokers have already expressed their vehement objection to the possible nomination of Villaroman, who is perceived as someone who is "hard to get along with" and "has an attitude problem."

Apart from Villaroman and Garcia, former broker Conrado Bate is also being considered to head the exchange. Bate, who used to head the local branch of Jardine Fleming Exchange Capital Securities Inc., is said to be an early favorite among PSE member-brokers and employees.

Leung assumed the presidency of the exchange in Dec. 2001, replacing Ramon T. Garcia, the first bourse president under a demutualized set-up.

The Securities Regulation Code requires that the president should be a non-broker or someone who has not been associated with any broker firm for a period of two years prior to his/her appointment. This is to make sure that he/she represents the interests of issuers, investors and other market participants.

The same source said the next president should be an outsider with "good connections."

The exchange has been trying to erase its image as an "old boys" club and recover from controversies that had dragged its credibility to an all-time low.