Fernando Zobel de Ayala will assume the position of chief executive officer (CEO) of Ayala Corp. , a position held by his older brother Jaime Augusto, concurrent to his post as group president and chief operating officer (COO).
Jaime Augusto will stay as chairman of the Group.
The movements will take effect April 23, 2021, after Ayala Corp.’s 2021 stockholders meeting.
Jaime Augusto has been the company’s chairman and CEO while Fernando has been president and COO since April 2006.
The group in a statement said Jaime Augusto and Fernando “will retain all their current positions, as chairman or vice chairman, respectively, in the various subsidiary boards of the Ayala group of companies.”
“At Ayala, it is our leaders’ responsibility to nurture talent and plan paths of succession. In this regard, I see myself as no different from our leaders past and present,” said Jaime Augusto.
“Fernando and I are very fortunate to work with a deep leadership bench; and we are confident that planned leadership transitions such as this are critical ingredients for sustainable success. Moreover, we have the opportunity, with this move of decoupling the chairman and CEO roles, to reflect an evolving global best practice in environment, social and corporate governance,” he added.
Jaime Augusto said Fernando “has successfully provided leadership across a variety of the Ayala group companies for more than two decades, and he is eminently suited to continue providing executive momentum in his new role as president and CEO of Ayala.”
“Both Fernando and I have worked as a leadership team for many years now, and we intend to continue charting Ayala’s path forward in tandem,” he said.