Fernando Zobel de Ayala Goes on Medical Leave; Ayala Corp. Names Acting President and CEO

Updated with a statement from Jaime Augusto Zobel De Ayala

Ayala Corporation vice chairman, president, and CEO Fernando Zobel De Ayala is taking a temporary medical leave of absence, the company disclosed to the Philippine Stock Exchange on Monday (August 15). 

Not much else was shared about the condition of the 62-year-old executive, although the announcement said he remains a member of the Board but has stepped down as member of the Executive Committee and Finance Committee.

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The Ayala Corp Board held a special meeting on Sunday (August 14) where the members elected Cezar Consing as acting president and CEO. A longtime executive at Ayala Corp., Consing is a director at Ayala Corporation, Bank of the Philippine Islands, Globe Telecom, Inc. and ACEN Corporation. He has also served as a senior managing director of Ayala Corporation and was president and CEO of BPI from 2013 to 2021, when he was replaced by TG Limcaoco.

Consing also served as chairman and president of the Bankers Association of the Philippines from 2019 to 2021.

Fernando Zobel De Ayala was officially named president and CEO of Ayala Corp. in April 2021, taking over from his older brother, Jaime Augusto Zobel De Ayala.

"As incoming President and CEO, I aim to build on the firm foundation that Jaime established, guided by our core strategy of maintaining leadership and relevance in the markets we serve," Fernando said when he took over the position. “To support this, we will place greater emphasis on our portfolio strategy with a sharper focus on optimizing returns from existing businesses, a highly disciplined approach on capital deployment; and explore opportunities for value realization initiatives to fund future investments.” 

Ayala Corp.’s Board also elected Delfin L. Lazaro as vice-chairman of the Executive Committee.

Ayala Corp Chairman Jaime Augusto Zobel De Ayala issued a statement about his brother's condition later on Monday. 

"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," he said on Facebook. "We all have so many responsibilities and commitments in all aspects of our lives, but first and foremost, we should all prioritize our health and well-being. 

"As a family we're fully supportive of Fernando's decision to take a leave so he can do whatever is necessary to rebuild his strength."

Jaime Augusto asked his followers for support both for Fernando and Consing and Lazaro.