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Manila Bulletin devider Business devider Succession and merry-go-round

Succession and merry-go-round

Published Aug 26, 2022 07:56 am

There are many conjectures on the real extent of the health of Fernando Zobel de Ayala following the announcement that shocked almost all of us, market watchers and the business community Monday last week that he was temporarily taking a leave of absence from his responsibility as head honcho of Ayala Corporation.

Whatever ails Mr. Fernando, everybody is praying he’ll pull through it. Ayala Corp. was quick to draw up its interim president, Cesar “Bong” Consing, who, as a good lieutenant,  is back in harness from his semi-retired status.

The talk going around the corridors of the Tower One and other Ayala-owned firms is that Mr. Bong will definitely be staying at the helm of the holding company temporarily simply because futuristic as the Ayalas are, succession is already planned out.

The assessment is that Mr. Bong's holding period would give enough time to further hone Mariana Beatriz Zobel-Aboitiz, the eldest of the four children of Jaime Zobel de Ayala (JAZA), to take the reign should Mr. Fernando so decides to finally relinquish his position.

A financial analyst at JP Morgan in New York before heading back home, Ms. Mariana has basically toured the various companies owned by her family, from Ayala Malls to Bank of the Philippine Islands, Ayala Land, Ayala Healthcare Holdings (AC Health) and of course, the holding firm Ayala Corporation, her first assignment before moving to other family businesses.

From this corner of the business corridor, my assumption is the Ayalas already have a suitable succession plan. But, when such will be executed remains a bit dicey for now.

On the other side of the banking fence, the names of Ricky Cebrero, senior executive vice president and treasury head of RCBC, and EastWest Bank vice chair and Chief Executive Officer Antonio “Tony” Moncupa, Jr. have been added as prospective candidates to head Philippine National Bank (PNB).

Of the two, it is highly unlikely that Mr. Tony would leave EastWest, the lender that he shepherd to its 11th standing in banking industry in terms of assets at the end of the first quarter of this year.

It’s a different story altogether, for Mr. Ricky. There is a possibility that he might be it, and if this is so, it will be a homecoming for him. He was a PNB alumni during the stewardship of Omar Mier, and his current chief at the RCBC Eugene Acevedo.

Will the wheels churn to a full circle for him? It’s kinda’ merry-go-round.  

Talkback to me at [email protected]

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