BPI extends Montinola's term as president-CEO for 2 years

MANILA, Philippines - The Bank of the Philippine Islands (BPI) has extended for another two years the term of its president and chief executive officer Aurelio Luis R. Montinola III “to enable the completion of the transformation initiatives that Montinola introduced over the last few years and to ensure continuity.”

Montinola was scheduled to retire on his 60th birthday in August this year.

He was in the initial shortlist of possible replacement for Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. who, however was reappointed by President Aquino for another six-year term.

The BPI president assumed his present post in January 2005, replacing Xavier Loinaz who also was given a term extension. Loinaz remains a member of the BPI board as well as several board-level working committees. Before taking on the task as BPI president, Montinola was president of thrift arm BPI Family Savings Bank until 2004.

He stayed on as a regular board director of BPI and full-time member of the BPI management team.

Replacing him in 2004 as chief executive of BPI Family Saving Bank was Alfonso L. Salcedo Jr.

It was the same year when Ayala patriach Jaime Zobel stepped down as bank chairman to give way to Jaime Augusto Zobel de Ayala (more popularly known as JAZA).

Industry sources said the two-year extension period was necessary as the most senior officers of the bank were likewise due for retirement this year or in 2012.

Among these officers are: senior executive vice president and chief operating officer Gil V. Buenaventura; executive vice president and head of the overseas banking and channel services group Teresita B. Tan; and executive vice president and treasurer Antonio V. Paner.