Fernando Zobel de Ayala steps down from Ayala Corp. firms to focus on health

AYALA Corp. president, chief executive officer (CEO) and vice chairman of the board Fernando Zobel de Ayala, who is currently on medical leave, has resigned to focus on his health and recovery.In a stock exchange disclosure, the company said that Zobel de Ayala tendered on Monday his resignation from the board and from the aforementioned positions effective immediately to allow him to focus more on his recovery and health.“Our Board will elect his replacement as director in due course. As we disclosed on Aug. 15, 2022, our Board has elected Mr. Cezar P. Consing as our Acting President and CEO following the medical leave of absence of Mr. Zobel de Ayala,” the firm said.Earlier, his brother Jaime Augusto Zobel de Ayala, who sits as chairman of Ayala Corp., said the family is “fully supportive” of his brother’s decision to focus on his health.In separate disclosures, companies under Ayala Corp. announced that Fernando Zobel de Ayala also stepped down from various executive posts.Ayala Land Inc. said Zobel de Ayala resigned as the chairman of the board. Globe Telecom also disclosed the official has stepped down as member and co-vice chairman of the board.He also renounced his post as the vice chairman of the board of the Bank of the Philippine Islands. The group’s energy unit Acen also announced Zobel de Ayala’s resignation as member and chairman of the board.Despite the announcement, shares in Ayala Corp. were up 2.23 percent or 16 points to close at P733 apiece. Stocks of the group’s subsidiaries were also up: Globe Telecom closed P2,130, up 1.91 percent; Ayala Land closed P29.15, up 4.86 percent; and BPI shares also rose 2.24 percent to P98.25 apiece.