The board of the United Coconut Planters Bank (UCPB) has elected Higinio “Joey” Macadaeg Jr as its new president and chief executive officer.

Macadaeg, who was executive vice president and director of the UCPB, was elected during the UCPB board meeting held on Oct. 28.

He was also the concurrent head of the Bank’s Corporate and Consumer Banking Group prior to his election as president.

Macadaeg will replace Jeronimo Kilayko, who will end his five-year stint at the helm of UCPB, the bank said.

Macadaeg, who was Malacanang’s nominee for the top post, had also served as UCPB’s Chief Credit Officer and as head of its Credit and Supervision Group.

In a board resolution, the UCPB board said it was acting on Malacanang’s nomination in electing Macadaeg to the bank’s top post.

The board received a letter dated Oct. 10, 2016 from Executive Secretary Salvador Medialdea informing it that “President Rodrigo Roa Duterte has approved the nomination of Mr. Higinio O. Macadaeg Jr. as President/CEO of the United Coconut Planters Bank.”

Macadaeg had held various managerial posts in the private sector before joining the UCPB in 2003.

He was Executive Vice President and Senior Credit Officer of Equitable PCI Bank from 2001 to 2002, Senior Vice President of Metropolitan Bank and Trust Company from 2000 to 2001, Senior Vice President of Solidbank Corporation from 1993 to 2000, Vice President of Standard Chartered Bank from 1990 to 1993, and Assistant Vice President of Citytrust Banking Corporation from 1982 to 1989.

In the Oct. 28 meeting, John Llamas was also elected board member of the UCPB.