PNB board approves appointment of new CEO

The board Philippine National Bank (PNB) approved on Wednesday the appointment of Eugene S. Acevedo, who used to be treasurer of Citigroup International Limited, as president and chief executive of the bank. The Lucio Tan-led listed bank told the Philippine Stock Exchange Acevedo’s appointment would take effect after its yearly stockholders’ meeting on May 25. Acevedo will replace Omar Byron T. Mier, who is set to retire this June. The bank earlier said Mier would remain a member of the PNB board and would become PNB’s representative to the board of Victorias Milling Corp., a quarter of which is owned by the Tan group. Acevedo was also the Citigroup managing director and head of global markets for the investment bank’s Hong Kong and Taiwan cluster. He was also the country treasurer for Hong Kong and Macau. — NPA, GMANews.TV