Ayala President & CEO Fernando Zobel takes sudden medical leave

Published August 15, 2022, 4:14 PM

by James A. Loyola

Ayala Corporation (AC) announced that its Vice-Chairman, President and Chief Executive Officer Fernando Zobel de Ayala has taken a temporary medical leave of absence with the approval of the firm’s Board of Directors.

In a disclosure to the Philippine Stock Exchange, the country’s leading conglomerate said Zobel remains a member of the AC Board but has stepped down as member of the Executive Committee and Finance Committee.

Ayala Corp. President and CEO Fernando Zobel de Ayala

At a special meeting held last Sunday, August 14, 2022, the Ayala Board elected Cezar P. Consing as Acting President and CEO and member of the Executive Committee as endorsed by AC’s Corporate Governance and Nomination Committee (CGN Committee).

Consing is a Director at Ayala Corporation, Bank of the Philippine Islands, Globe Telecom, Inc. and ACEN Corporation.

He has served as a Senior Managing Director of Ayala Corporation and was President and CEO of BPI from 2013 to 2021, and Chairman and President of the Bankers Association of the Philippines from 2019 to 2021.

The Ayala Board also elected Delfin L. Lazaro as Vice-Chairman of the Executive Committee also as endorsed by the CGN Committee.

In a social media post, AC Chairman Jaime Augusto Zobel de Ayala (JAZA) said “effective today, my brother Fernando Zobel de Ayala is taking a temporary medical leave to focus on improving his health.”

“I want to assure everyone that Fernando is in high spirits, but he has asked for some time to focus on his health and recovery. We all have so many responsibilities and commitments in all aspects of our lives, but first and foremost, we should all prioritize our health and well-being,” he added.

Jaime Zobel de Ayala, chairman Ayala Corporation

JAZA noted that, “As a family, we’re fully supportive of Fernando’s decision to take a leave so he can do whatever is necessary to rebuild his strength. Let us all give Fernando the support he needs to focus on improving his health.” No details were provided as to Zobel’s medical condition.

Aside from his posts in AC, Zobel is the Chairman of Ayala Land Inc., Globe Telecom, Inc., Integrated Micro-Electronics, Inc. and Bank of the Philippine Islands; and Vice Chairman of Ayala Land, Inc., Manila Water Company, Inc., and AC Energy Corporation (formerly AC Energy Philippines, Inc.).

He is also the Chairman of Ayala Retirement Fund Holdings, Inc., AC Industrial Technology Holdings, Inc., AC Ventures Holding Corp., AC Infrastructure Holdings Corporation, and Asiacom Philippines, Inc.; Co-Chairman of Ayala Foundation, Inc. and Ayala Group Club, Inc.; Director of Alabang Commercial Corporation, Ayala International Pte. Ltd., AC Energy, and Infrastructure Corporation (formerly AC Energy, Inc.), Ayala Healthcare Holdings, Inc., Light Rail Manila Holdings, Inc. and AG Holdings Ltd.