Ayala Corp. president, chief executive and board vice chairman Fernando Zobel de Ayala has quit amid health issues.
According to CNN Philippines, the listed conglomerate, the oldest in the Philippines, told the local bourse that the resignation is "effective immediately to allow him to focus more on his recovery and health."
“Mr. Zobel de Ayala tendered his resignation from our Board and from the aforementioned positions effective immediately to allow him to focus more on his recovery and health,” a filing to the Philippine Stock Exchange read.
It added that Zobel's replacement will be announced in due course.
No other details were given on Zobel's condition.
A medical leave of absence for Zobel was first announced on August 15, with Cezar Consing selected as acting president and CEO. Consing will continue to serve in both positions.
The reason for the medical leave was not revealed.
Ayala Corp. confirms Fernando Zobel de Ayala's resignation as vice-chairman, president & CEO "effective immediately" due to health reasons.
Zobel earlier took a medical leave of absence, with Cezar Consing elected as acting president & CEO. | @pplmanuel pic.twitter.com/2JU0haYjbf
— CNN Philippines (@cnnphilippines) September 12, 2022
Zobel has also stepped down as board member of Ayala companies Bank of the Philippine Islands, Globe Telecom, Ayala Land, ACEN, and Integrated Micro-Electronics.
The 62-year-old has served as Ayala’s president since 2006 and as CEO since April 2021. He succeeded his brother Jaime, who remains chairman of the board, as chief executive.
The Ayala Group of Companies has business interests in, among others, real estate and hotels, financial services and insurance, and telecommunications.
“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. 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,” Ayala Corp Chairman Jaime Augusto Zobel de Ayala said in a social media post.
“As a family, we’re fully supportive of Fernando’s decision to take a leave so he can do whatever is necessary to rebuild his strength. Let us all give Fernando the support he needs to focus on improving his health,” he added.
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