Tycoon Alfonso Yuchengco has retired as honorary chair of Yuchengco family-led Rizal Commercial Banking Corp. (RCBC) at the age of 93, bowing out after holding this position for 14 years.
RCBC told the Philippine Stock Exchange Wednesday that “in recognition of his distinguished service” to the bank, he was now appointed chair emeritus.
Yuchengco first served as chair of the RCBC board from 1963 until 1995 when he served as ambassador extraordinary plenipotentiary of the Philippines to Japan. He also served as Philippine ambassador to the People’s Republic of China, presidential special envoy to Greater China, Japan and Korea. From 2001 to 2002, he served as the Philippines’ permanent representative to the United Nations with the rank of ambassador.
He was the first recipient of the Order of Lakandula with the rank of Bayani (Grand Cross) presented by President Arroyo. Yuchengco was also the first Asian to be elected to the Insurance Hall of Fame by the International Insurance Society Inc.
After Yuchengco’s service in government, he was reelected to RCBC’s board and assumed the position of honorary chair in 2002.
Yuchengco remains chair and chief executive of RCBC’s substantial stockholder, Pan Malayan Management and Investments Corp., as well as honorary chair MICO Equities Inc., the holding company of the Malayan Group of Companies and other Yuchengco firms.
With the retirement of the honorary chair, RCBC’s board also announced the appointment of lawyer Florentino M. Herrera III as a regular director. Herrera is the founding partner of Herrera, Teehankee and Cabrera Law Offices and has with him more than 37 years of law experience.