BIZ BUZZ: Low-key search for new PNB CEO on

There are still a few months left before the next stockholders’ meeting of Philippine National Bank (PNB), but if Biz Buzz sources are to be believed, the search for a new president to replace Florido Casuela has quietly begun.

Casuela officially assumed the position in the Lucio Tan-led bank in April 2023, replacing PNB president and CEO Jose Arnulfo “Wick” Veloso, who left after being appointed president and general manager of the Government Service Insurance System by President Marcos.

Casuela is a widely respected executive who joined PNB in 2006 as director. He is currently the chair of PNB Securities Inc. He is also a director of Allianz PNB Life Insurance Inc.; PNB International Investments Corp.; PNB RCI Holdings Co., Ltd.; and Bancnet Inc.

Even in 2023, it was already widely known that Casuela would not be staying long, mainly because of his age. He was already 80 when he took on the post.

Based on past experience, the search for a new bank chief will not be easy.

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To recall, Casuela was named acting president on July 5, 2022, after Veloso’s departure. It took a year of searching for another candidate—to no avail—before Casuela was finally given the permanent position.

Perhaps PNB will have better luck coming up with a new name this time around. Or it could always extend Casuela, if he is willing to stay on, that is.