Philippine National Bank names Carlos Pedrosa as president and CEO

Pedrosa’s 30 years in banking made him the board’s choice to succeed Eugene S. Acevedo

The board of directors of the Philippine National Bank (PNB) on Friday appointed Carlos A. Pedrosa as the bank’s new president and chief executive officer, replacing Eugene S. Acevedo, who has resigned to concentrate on business pursuits.

In a disclosure to the stock exchange on Friday, PNB said Mr. Pedrosa, a seasoned banker who sits on the PNB board as independent director, will assume his new post beginning August 1.

Mr. Acevedo, the bank said, resigned "to focus on several promising business endeavors that will require his immediate and hands-on participation."

Mr. Acevedo took over from Omar Byron T. Mier only in May 2010.

PNB shares closed at P59.90 per share ($1.39) on Friday, 0.34% higher than its P59.70 () apiece close last Thursday.

Mr. Pedrosa has 30 years of banking experience under his belt, starting his stint in the industry in 1964 as a foreign exchange trader in a foreign bank in Barcelona, Spain where he later on became head of its private banking arm.

View the full story in Business World.