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Fernando Zobel de Ayala resigns from Ayala firms

FERNANDO ZOBEL DE AYALA

FERNANDO Zobel de Ayala has resigned as vice-chairman of the board, president and chief executive officer of Ayala Corp., effective immediately, the listed conglomerate announced on Monday.

In its regulatory filing, Ayala Corp. said that Mr. Zobel’s resignation will allow him to focus more on his recovery and health.

“Please be informed that Mr. Zobel de Ayala tendered today his resignation from our Board and from the aforementioned positions effective immediately. Our Board will elect his replacement as director in due course,” Ayala Corp. said.

In separate disclosures, Mr. Zobel has also stepped down as chairman of Ayala Land, Inc.; as chairman and member of the board of ACEN Corp.; as a member and co-vice chairman of Globe Telecom, Inc., Bank of the Philippine Islands (BPI); and Integrated Micro-Electronics, Inc.

Manila Water Co. Inc, has also announced his resignation as a member of its board.

Mr. Zobel had been on a medical leave of absence since Aug. 15, though the firm did not disclose the reason for his medical leave.

Meanwhile, Cezar P. Consing will continue to serve as Ayala Corp.’s acting president and CEO. He was selected by the company’s board of directors following Mr. Zobel’s leave of absence last month.

Mr. Consing is also the director of BPI, Globe, and ACEN. From 2013 to 2021, he served as a senior managing director of Ayala Corp. and president and CEO of BPI.

He also served as chairman and president of the Bankers Association of the Philippines and as president of Bancnet, Inc.

Last month, Jaime Augusto Zobel de Ayala, chairman of Ayala Corp., said in a Facebook post: “I want to assure everyone that Fernando is in high spirits, but he has asked for some time to focus on his health and recovery.”

On Monday, shares in Ayala Corp. climbed by P16 or 2.23% to close at P733 each. Shares in the other Ayala-led companies ended higher, with Ayala Land recording the biggest rate of increase at 4.86% or P1.35 to P29.15 apiece. — Ashley Erika O. Jose

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