MANILA, Philippines — The Ayala Group, the country’s oldest conglomerate, continues to rearrange key positions to fill the gap left by the resignation of tycoon Fernando Zobel de Ayala.
Ayala Land Inc. named Jaime Augusto Zobel de Ayala as chairman of the board to serve Fernando’s unexpired term.
The two are the sons of Ayala family patriarch Jaime Zobel de Ayala.
Fernando left all his positions in the Ayala Group last September due to health reasons, according to separate disclosures from the different business units.
Mariana Zobel de Ayala, daughter of Jaime Augusto, meanwhile, was appointed as director of Ayala Land to fill the unexpired term of Fernando.
She also joins the Sustainability Committee to serve until the next organizational meeting of the board after the annual stockholders’ meeting.
As for the parent firm, Ayala Corp. earlier appointed Cezar “Bong” Consing as its president and CEO following his appointment as interim chief on Aug. 15.
This marks the first time that the company has named a professional executive who is non-family to the top position.
He succeeded Fernando who was appointed as CEO of the conglomerate last year but had to resign last month.
Consing is a veteran Ayala insider and is one of Asia’s most respected figures in the banking sector, with over 30 years of experience in international finance.
Ayala likewise elected legal luminary Mercedita Nolledo to the board as a non-executive director to serve the unexpired term of Fernando.
Previously, 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 Inc. and BPI Advisory Council.
Ayala Land, meanwhile, approved the declaration of cash dividends of P0.1355 per outstanding common share, payable on Nov. 18 to stockholders of common shares as of record of Nov. 8.
Headed by its president and CEO Bernard Vincent “Bobby” Dy, Ayala Land is launching two new master planned estates to mark its 34th anniversary.
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The article was originally published in PhilStar Global and written by Iris Gonzales.
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