MANILA, Philippines — Nearly a month after announcing he would take a medical leave, Fernando Zobel de Ayala has handed in his resignation as Ayala Corp.’s president and chief executive officer to focus on his recovery and health.
One of the country’s oldest conglomerates made the announcement in a disclosure to the Philippine Stock Exchange on Monday. Zobel’s resignation was likewise cascaded across Ayala’s listed subsidiaries, such as Globe Telecom Inc. and Bank of the Philippine Islands.
His resignation entailed he would also step down as vice-chairman and director of the company. Cezar Consing will serve as the conglomerate’s acting president and CEO.
Zobel, 62, had been Ayala’s president since 2006. He became the company’s CEO in April 2021, succeeding his brother Jaime Augusto Zobel de Ayala, who serves as the company chairman.
Before becoming the president, Zobel had served as the chief operating officer of Ayala from April 2006 to April 2021.
Zobel’s successor, Consing, has been a director of Ayala since December 2020 and previously led BPI as president and CEO from April 2013 to April 2021.
As of 10:17 a.m. Monday, shares in Ayala were trading up 1.46%.