Ayala Corporation Elects New Acting President—Here’s Why
Following unforeseen circumstances, Ayala Corporation announced that they have elected a new acting President, CEO, and Vice-Chairman of the Board.
It’s easy to forget that there are people behind a business—even one as big as the Ayala Corporation. Said people are not machines either, as they too can feel sick, tired, or under the weather. However, the show must go on, and despite these circumstances, businesses still need to maintain operations.
In situations when the leader is absent, the company must quickly find a replacement to fill in his or her shoes. Thus, for Ayala Corporation—a conglomerate company that’s owned by the Ayala family—new acting leaders must be elected while President and CEO Fernando Zobel de Ayala takes a temporary medical leave.
“Effective today [August 14, 2022], Mr. Fernando Zobel de Ayala has taken a temporary medical leave of absence as Ayala Corporation’s Vice-Chairman of the Board and President and Chief Executive Officer,” the company announced on its Facebook page. “We support Mr. Zobel’s decision to focus on improving his health and achieving complete recovery.”
Big Shoes to Fill
According to older brother and Ayala chair, Jaime Augusto Zobel de Ayala, on his official Facebook page, Zobel de Ayala is in “high spirits, but he has asked for some time to focus on his health and recovery.”
“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,” he adds, without disclosing anything else about the younger Zobel’s condition.
In his absence as President, CEO, and Vice-Chairman of the Board, the Board has elected Cezar “Bong” P. Consing to take his place, while Delfin Lazaro takes on the role as Vice-Chairman of the Executive Committee, following a sudden board meeting called on Sunday.
Wearing many hats of his own, Consing is a Director at Ayala Corporation, Bank of the Philippine Islands, Globe Telecom, Inc. and ACEN Corporation. Moreover, he served as a Senior Managing Director of Ayala Corporation and was President and CEO of BPI from 2013 to 2021.
On the other hand, Lazaro has been a Non-Executive Director of Ayala Corporation since January 2007. He also takes on just as many roles the Director of Integrated Micro-Electronics, Inc. and Globe Telecom, Inc., as well as an Independent Adviser to the Board of Directors of Ayala Land, Inc., and a member of the BPI Advisory Council.
In Good Hands
While Fernando Zobel de Ayala remains a member of the Board, Ayala Corporation added that he has stepped down as member of the Executive Committee and Finance Committee. Moreover, he has taken over the top management post from Jamie Zobel de Ayala last 2021. Both siblings serve as seventh generation leaders of Ayala Corporation—the country’s oldest conglomerate.
Despite the election of acting leaders while the younger Zobel is absent, Ayala’s shares rose by 2.32% to PHP 750 each on Monday, August 15, 2022. “Ayala has a deep enough bench of professional managers,” explained Joseph Roxas, president of Eagle Equities Inc. in an interview with Inquirer.
He further added that the investors were not worried about the temporary transition.