Fernando Zobel de Ayala has resigned from the Ayala Group of Companies

According to an announcement made by the conglomerate on Monday, September 12, Fernando Zobel de Ayala has resigned from his positions as vice chairman of the board, president, and chief executive officer of Ayala Corporation effective immediately.

In addition, Zobel resigned from his positions on the boards of directors of several Ayala corporations, including Bank of the Philippine Islands, Globe Telecom, Ayala Land, ACEN, and Integrated Micro-Electronics.

A disclosure made by Ayala Corporation to the Philippine Stock Exchange on Monday stated that Zobel’s departure will “enable him to focus more on his recovery and health.” The statement was made in response to questions from the exchange.

Since the 15th of August, he had been absent from work due to a medical condition. There was no explanation given for his extended absence due to a medical condition.

According to the statement made on Monday, the board of directors of Ayala Corporation “shall elect his replacement as director in due time.”

Cezar Consing will continue to serve as Ayala Corporation’s acting president and CEO. He was chosen because Zobel had to take a leave of absence for medical reasons.

Zobel, who was 62 years old at the time, had been the president of the conglomerate since 2006 and the CEO since April 2021. He succeeded his brother Jaime Augusto Zobel de Ayala, 63, in his job as CEO, while his brother continues in his post as chairman of the board.