Aboitiz Equity Ventures, Inc. (AEV) reported that its Board of Directors has approved the extension of Sabin M. Aboitiz’s term as Group President and CEO by three years.
In a disclosure to the Philippine Stock Exchange, the firm said Aboitiz’s retirement will be moved to December 31, 2027 from the original scheduled retirement date of December 31, 2024.
“The board’s vote of confidence for Sabin comes as AEV and its business units are targeting recovery after the widespread economic disruption caused by the COVID-19 pandemic,” AEV said.
The Aboitiz Group posted a consolidated net income of P7.8 billion in the first quarter of 2021, a 276 percent increase from P2 billion from the same period in 2020.
“These times have indeed been extraordinary and unexpected, and the Aboitiz Group has managed to adapt and respond to them by learning from the lessons of 2020 and always working to become a future-ready organization with the commitment, passion, innovation, and resilience of our leaders and team members,” said AEV Chairman Endika M. Aboitiz.
Sabin Aboitiz took office as the President and CEO of Aboitiz Equity Ventures on January 1, 2020, succeeding his brother Erramon I. Aboitiz.
His first year as chief executive was hailed for his decisive leadership, innovative mindset and ensuring business continuity amid the turbulent economic climate due to the pandemic.
“At the helm of this ship is our captain, AEV President & CEO Sabin M. Aboitiz, who has proven to be a leader who can steer us wisely and resolutely in the right direction, through turbulent waters toward a safe and prosperous harbour in the years to come,” the Chairman explained.
He added that, “Under his watch, the Group was able to ensure the safety and wellbeing of our team members — the lifeblood of our organization — and that delivery of our vital products and services to communities remained unhampered.”