This means that Dizon will serve the remaining term of office until PNB holds its annual stockholders' meeting to elect a new board of directors and officers in May. Nazareno went on leave early this month to undergo heart surgery. Aside from being the outgoing PNB chairman, Nazareno is also concurrent chief executive director and president of state-run Philippine Deposit Insurance Corp. Nazareno sat at the helm of PNB as one of four government representatives to the board of directors, along with Dizon, who was former president of Rizal Commercial Banking Corp. and AsianBank; Vicente Panlilio, former chief operating officer of Far East Bank and Trust Co., and Flor Tarriela, a former Citibank N.A. top executive and undersecretary of the Department of Finance.