MANILA, Philippines - Security Banking Corp. has a new chairman in erstwhile president and chief executive officer Alberto S. Villarosa, while Alfonso L. Salcedo Jr. is the new president and CEO effective April 28.
In a report to the Philippine Stock Exchange, the bank said its board of directors also named Frederick Y. Dy as chairman emeritus.
In a statement, Dy, the outgoing chairman, said the organizational change with the promotion of Villarosa to chairman manifests continuity of Security Bank’s overall business strategy formulation and execution.
“The appointment of Salcedo as president and chief executive officer, with his 30 years of experience in retail banking and finance, will serve well in reinforcing our consumer bank strategy as a third pillar to complement the bank’s existing strengths in wholesale banking and financial markets,” he said.
He added that Villarosa and Salcedo will carry Security Bank forward among Asean’s best managed institutions in terms of good governance and sustainability to enhance shareholder value.
Salcedo, meanwhile, has been connected with the Bank of the Philippine Islands (BPI) for decades. His last post was as head of the corporate banking division. Prior to this post he was president of BPI Family Savings Bank.
“Salcedo leaves a lasting legacy in the corporate banking business of BPI, a bank that is built on the individual talent and collective strength of its people. Salcedo is an asset to any organization that he elects to join,” BPI president and CEO Cesar Consing said in a separate statement.
Replacing Salcedo is Daniel Gabriel M. Montecillo, currently president of BPI Capital Corp., the bank’s investment banking subsidiary.
Simon R. Paterno, executive vice president and current BPI head for financial products and services, will temporarily manage BPI Capital.