Philippine tycoons

Ayala transitions: Fernando is CEO, Jaime Augusto to focus on chairmanship

Ralf Rivas

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Ayala transitions: Fernando is CEO, Jaime Augusto to focus on chairmanship

MOVEMENTS. Jaime Augusto Zobel de Ayala (L) and Fernando Zobel de Ayala.

Photos from Ayala Corporation

Jaime Augusto Zobel de Ayala says the decoupling of the chairman and CEO roles is meant to 'reflect an evolving global best practice in environment, social, and corporate governance'

Ayala Corporation on Thursday, December 17, announced another leadership change, with Fernando Zobel de Ayala taking over as chief executive officer starting April 2021.

Current CEO Jaime Augusto Zobel de Ayala, Fernando’s brother, will remain as chairman of the board.

Ayala Corporation did not state who will be taking over Fernando’s current role as chief operating officer. He also remains to be the conglomerate’s president.

Jaime Augusto and Fernando will retain their other current positions as chairman or vice chairman in subsidiary boards of the various Ayala companies.

Jaime Augusto said the decoupling of the chairman and CEO roles is meant to “reflect an evolving global best practice in environment, social, and corporate governance.”

“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,” he said.

On Wednesday, Ayala’s banking subsidiary, the Bank of the Philippine Islands, announced that Jose Teodoro “TG” Limcaoco will be its CEO, replacing Cezar Consing, by April 2021.

Globe Telecom’s chief commercial officer Alberto de Larrazabal will take over from Limcaoco as Ayala Corporation’s chief financial officer.

Maria Louisa Guevarra Cabreira will replace De Larrazabal as Globe’s CCO. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.