MANILA, Philippines — Ayala Corp., the country’s oldest conglomerate, has appointed Cezar “Bong” Consing as its president and CEO, following his appointment as interim chief on Aug. 15.
Consing’s appointment heralds a new era in the sprawling business group as it marks the first time that the company has named a professional executive, who is non-family, to the top position.
He succeeds Fernando Zobel de Ayala who was appointed as CEO of the conglomerate last year, but had to resign early this month for medical reasons.
Fernando was appointed special adviser to the Ayala board.
Over the decades, Ayala’s leadership was confined to members of the Zobel de Ayala clan.
Enrique Zobel, grandson and namesake of Spanish-born industrialist Enrique Zobel de Ayala, the first patriarch of the Zobel de Ayala clan became the group’s first CEO after the retirement of his uncle, Col. James McMicking.
In 1984, Jaime Zobel de Ayala succeeded his cousin Enrique as chairman and president of the company, successfully steering it through the turbulent last years of the administration of the elder Ferdinand Marcos.
When Jaime stepped down in 1994, his eldest son Jaime Augusto Zobel de Ayala succeeded him. Jaime Augusto, in turn, served as the CEO until his retirement in 2020. He remains the chairman of the company.
Last year, Jaime Augusto’s younger brother Fernando succeeded him as CEO, but the term was cut short as he stepped down last Sept. 12 and resigned from all his positions in the Ayala Group, to focus on his health.
Consing, one of Asia’s most respected figures in banking, has over 30 years of experience in international finance.
Ayala, meanwhile, appointed legal luminary Mercedita Nolledo as a non-executive director to serve the unexpired term of Fernando.
Nolledo served as board director of Ayala and BPI from 2004 to 2010 and 1991 to 2021, respectively.
She is currently a member of the board of trustees of Ayala Foundation, BPI Foundation, advisory board of Ayala Land and the BPI Advisory Council.
Nolledo started her career in Ayala as an investment analyst in 1965.
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The article was originally published in PhilStar Global and written by Iris Gonzales.
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