Ayala Corp CEO steps down to focus on 'recovery and health'

Ayala tendered his resignation 'effective immediately'

Ayala Corp CEO steps down to focus on 'recovery and health'

Fernando Zobel de Ayala, president and chief executive officer (CEO) of Ayala Corporation, resigned on Monday, according to the conglomerate. The announcement was made through a public disclosure on the Philippine Stock Exchange, Inc. that was also issued on Monday.

Ayala is stepping down from his roles as vice chairman of the board of directors, president, and chief executive officer. He is also departing from his role as board member of other Ayala companies, such as the Ayala Land, ACEN, and the Bank of the Philippine Islands.

Ayala tendered his resignation "effective immediately," according to the disclosure, to "allow him to focus more on his recovery and health". The announcement came nearly a month after he first filed his medical leave of absence back in August 15. The reason for his medical leave, however, was not disclosed.

"Our board will elect his replacement as director in due course," a statement read.

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Cezar Consing is currently acting president and CEO of the conglomerate and has been since Ayala filed his medical leave of absence.

The 62-year-old Ayala became the Ayala Corporation's president in 2006, and its CEO in April 2021, replacing his brother, Jaime Augusto Zobel de Ayala, who remains as chairman. Prior to his CEO role, he was the company's chief operating officer from April 2006 to April 2021.

The Ayala Corporation is regarded as the Philippines' oldest and largest conglomerate, which was founded in 1834.

It was founded by Domingo Róxas and Antonio de Ayala during the Spanish colonial rule and has since grown as one of the country's conglomerates with the most diverse portfolio of businesses. They have businesses in retail, education, real estate, banking, telecommunications, electronics, healthcare, among others.

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