CEO Fernando Zobel de Ayala takes medical leave from Ayala Corp.

MANILA, Philippines — Fernando Zobel de Ayala will temporarily vacate his post as president and CEO of Ayala Corp. to take a medical leave, the company announced Monday.

Zobel has stepped down as member of Ayala’s executive and finance committees, but he remains a member of board of directors, according to a stock exchange filing.

The company’s directors elected Cezar Consing as acting president and CEO while Zobel is away. Consing is a director at Ayala and its major subsidiaries, namely Bank of the Philippine Islands, Globe Telecom Inc. and ACEN Corp.

In a statement, Jaime Augusto Zobel de Ayala, company chairman, said his younger brother will “focus on improving his health”.

“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 said. — Ian Nicolas Cigaral