The 77-year old chairman emeritus of Philippine Business Bank is not listed among the nominees for election to its board in its annual stockholders’ meeting on June 25.
Yao founded PBB in 1997 as a bank for small and medium enterprises. It has 197 branches as of 2019.
PBB is adding to two new independent directors this year – banker Astero L. Favis, Jr and former Development Bank of the Philippines corporate services head Benel D. Lagua.
The other PBB directors are chairman Jeffrey Yao, vice chairman and president Rolando Avante, Honorio O. Reyes-Lao, Roberto A. Atendido, Leticia M. Yao, Danilo A. Alcoseba, Benjamin R. Sta. Catalina, Jr., Narciso De Leon Erana, and Roberto C. Uyquiengco.