Fernando Zobel de Ayala resigns as Ayala Corp. President and CEO citing 'health reasons'

Fernando Zobel de Ayala has resigned as the Ayala Corporation President and CEO.

Ayala Corp. and Ayala Land shared in PSE Disclosures that Zobel de Ayala tendered his resignation effective immediately on Sept. 12 due to "health reasons." The resignation comes after Zobel took a medical leave of absence from his post since Aug. 15.

Director Cezar P. Consing has been tasked as the Acting President and CEO following Zobel de Ayala's leave of absence. Consing previously served as senior managing director of Ayala and was president and CEO of BPI from 2013 to 2021.

The board has yet to elect his replacement as of writing.

The decision also affects the companies and subsidiaries under Ayala, such as Globe Telecom Inc, Bank of the Philippine Islands, Ayala Land, ACEN, and more.

Per American financial news site Barrons.com, with its number of real estate, telecommunications, utilities, and insurance services, Ayala Corp. stands with a market value of P443.93B.

The 62-year-old has been the Director of Ayala Corporation since May 1994,  President of the Company since 1996, and succeeding his brother, Jaime Augusto Zobel de Ayala, as CEO since April of 2021. Jaime Augusto currently serves as Chairman of the company.

After announcing his medical leave back in August, Jaime Augusto said that Fernando remained in "high spirits."

“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," Jaime Augusto had shared. "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."