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Friday, March 29, 2024

Ayala board names Fernando Zobel as new chief executive

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Conglomerate Ayala Corp. on Thursday announced a leadership transition within the group that will enable Jaime Augusto Zobel de Ayala to focus as chairman of the group and Fernando Zobel de Ayala to assume the positions of president and chief executive.

Ayala Corp. said in a disclosure to the stock exchange its board of directors unanimously approved the company’s CEO succession plan where Fernando, the president and chief operating officer, would become president and chief executive effective April 23, 2021.

Jaime Augusto and Fernando Zobel de Ayala will retain current positions, as chairman or vice-chairman, in the various subsidiary boards of the Ayala group of companies.

“At Ayala, it is our leaders’ responsibility to nurture talent and plan paths of succession. In this regard, I see myself as no different from our leaders past and present,” said Jaime Augusto.

“Fernando and I are very fortunate to work with a deep leadership bench; and we are confident that planned leadership transitions such as this are critical ingredients for sustainable success. Moreover, we have the opportunity, with this move of decoupling the Chairman and CEO roles, to reflect an evolving global best practice in Environment, Social and Corporate Governance,” he said.

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Jaime Augusto said his brother Fernando has successfully provided leadership across a variety of the Ayala group companies for more than two decades, and he is eminently suited to continue providing executive momentum in his new role as president and CEO of the conglomerate.

“Both Fernando and I have worked as a leadership team for many years now, and we intend to continue charting Ayala’s path forward in tandem,” Jaime Augusto Zobel de Ayala said.

Fernando Zobel said welcomed his appointment as group chief executive. “It is an honor to continue leading this company with an outstanding and trusted team on our side. Together, we have worked hard to build on the many successes of those who came before us; and are committed to continuing to improve lives and create value for our next generations of colleagues, their families, our broad ecosystem of stakeholders and our country,” he said.

“I would like to thank Jaime for his many contributions as CEO; and commend him for his continuing commitment to live out the values of his recognition as a United Nations Sustainable Development Goals Pioneer in 2017, the first such honoree from Southeast Asia. I am reassured that he will continue to provide guidance in this next phase of our company’s growth,” said Fernando.

The conglomerate announced on Wednesday the nomination of Ayala Corp. chief finance officer Jose Teodoro Limcaoco as the new president and chief executive of Bank of the Philippine Islands.

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