Fernando Zobel De Ayala Has Officially Stepped Down from His Positions Within Ayala Corp.
Fernando Zobel De Ayala, former president and CEO of one of the oldest corporations in the Philippines, has officially stepped down from his positions in the company.
In separate disclosures to the Philippine Stock Exchange, Ayala Corp said the 62-year-old executive has resigned from his various positions within the conglomerate “to allow him to focus more on his recovery and health.” No other information was given about his specific health issues.
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Last August 15, the company said Fernando Zobel de Ayala was taking a medical leave of absence and stepped down as vice chairman of the Board of Directors, president and CEO, and member of the Executive Committee and Finance Committees of Ayala Corp. In his place, Cezar Consing was elected acting president and CEO of the company.
On Monday, it was announced that the executive has resigned from the following positions: director of Ayala Corp, director and chairman of the board of ACEN, director and chairman of the board of Ayala Land Inc., director and co-vice chairman of the board of Globe Telecom, director of Integrated Micro-Electronics Inc. (IMEI), and director of Bank of the Philippine Islands.
The company said his replacement will be announced “in due course.”
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.
"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," Jaime Augusto said on Facebook following the August 15 announcement. "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," he added.