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Fernando Zobel de Ayala resigns from all business positions at Ayala Group

Teddy Cambosa - September 12, 2022

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Manila, Philippines – Prominent Filipino businessman Fernando Zobel de Ayala has resigned from all business positions under the publicly-listed holding company Ayala Group. The companies that he will be resigning from include Ayala Corporation, Ayala Land, Bank of the Philippine Islands (BPI), and Globe Telecom.

In multiple filings made by all aforementioned companies at the Philippine Stock Exchange (PSE), all stated that Zobel rendered his resignation over medical concerns, and said he will be focusing on his recovery.

Zobel held the following positions at these companies namely the vice-chairman of the board of directors, president and CEO at Ayala Corporation; chairman of the board of directors at Ayala Land and BPI; as well as co-vice chairman of the board of directors at Globe Telecom.

As part of the announcement, Ayala Corporation has appointed Cezar P. Consing as their acting president and CEO for the meantime.

Fernando Zobel de Ayala overtook the president and CEO role from Jaime Augusto Zobel de Ayala in April 2021.

Established in 1834, Ayala Corporation is one of the largest corporations in the Philippines and with a massive portfolio of diverse business interests, including investments in retail, education, real estate, and banking, as well as telecommunications, water infrastructure, renewable energy, and electronics.