RCBC Appoints Yuchengco III New CEO, Araneta New President

Article excerpt

Rizal Commercial Banking Corporation announced yesterday new top management appointments following its annual stockholders' meeting Thursday.

Alfonso (Tito) Yuchengco III was elected executive vice chairman and chief executive officer effective July 25; Cesar E.A. Virata assumed the post of corporate vice chairman effective June 22; and Valentin A. Araneta was named president and chief operating officer effective July 25.

Ambassador Alfonso T. Yuchengco remains chairman of the RCBC board of directors and executive committee.

As executive vice chairman and CEO, the younger Yuchengco shall be taking over the chief executive's role from Francisco A. Dizon who has been the president and CEO since July 1997. He will direct the overall management and strategic future directions of the bank. Dizon, however, will continue to be connected with RCBC as member of its advisory board effective July 25.

Dizon has opted to return to his own company, Pacific Northstar Inc., where he is chairman and president. The company specializes in providing financial advisory services for corporate acquisitions, mergers and takeovers. It also manages a venture capital fund called Project Quest Corporation with total investible funds of close to P150 million.

Virata, in his capacity as corporate vice chairman, will exercise the powers and duties of the chairman in the latter's absence or inability to act. He is also concurrently vice chairman of the executive committee.

Araneta will assume the bank's presidency when Francisco A. Dizon completes his threeyear contract with RCBC on July 24.

Araneta joined RCBC in July last year after a brief stint with Great Pacific Savings Bank. Before that, he served Philippine National Bank from 1989 to 1996, occupying various positions of incresaing responsibility, including that of senior executive vice president and chief operating officer. …