In a disclosure to regulators today, Security Bank Corporation (PSE : SECB) informed the Philippine Stock Exchange that Frederick Y. Dy will be nominated for election as Chairman Emeritus and Alberto S. Villarosa will be nominated for election as Chairman during the organizational board meeting on 28 April 2015. Director Eduardo I. Plana also signified his desire not to seek re-election.
Consumer Banking veteran Alfonso L. Salcedo, Jr. was nominated to the Security Bank board replacing Director Plana. He will be nominated to assume the President and Chief Executive Officer position to be vacated by Villarosa next month.
Bank Chairman Frederick Y. Dy reaffirmed “I have been Chairman for 25 years and will eventually assume the role of Chairman Emeritus. I wish to assure our customers, our investors, shareholders and our other stakeholders, of the Dy family’s absolute commitment and unwavering support as dominant shareholders of the Bank. The organizational change with the step up of Abet Villarosa as Chairman manifests our focus on ensuring continuity of the Bank’s overall business strategy formulation and execution. The appointment of Yogi Salcedo as President and CEO, 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. With Villarosa and Salcedo at the helm, we are confident that the Bank will move towards being amongst ASEAN’s best managed institutions in terms of good governance and sustainability to enhance shareholder value.”
For his part, Villarosa further explained “Mr. Salcedo will be a prized addition to the bank’s already winning management team. His 30 year experience in retail banking and finance will serve well in reinforcing our consumer banking strategy.” Villarosa added.
Villarosa assumed the Presidency of Security Bank in 2004. Under his stewardship, the Bank rose to a position of leadership in returns to shareholders. Security Bank has received recognition from international and local organizations for product innovation, market leadership and best-of-class management practices. In 2014, Security Bank embarked on a rebranding campaign focused on the retail bank business, anchored on providing priority service and superior customer experience in line with the promise of Better Banking.