The Ayala Group has completed the top management transition, with Jaime Augusto Zobel de Ayala transferring the day-to-day responsibilities of a CEO to younger brother Fernando Zobel de Ayala after 26 years of holding the position.
“I just wanted to say that the changes in succession are very much a part of the culture of the Ayala Group. It’s done. Throughout history, we’re proud to continue that tradition. It has led to reinvention, of course. I’d like to think that has also led to the institution’s longevity. We take it seriously. And to a certain extent, it’s been happening across the group; and I’m no different. In that sense, 26 years has been a great run. Perhaps it’s even been too long,” said Jaime Augusto, who will remain as the company’s chairman.
“Since 1995, our market capitalization expanded more than sixfold; our net income similarly grew more than 6 times. Since 1995, we rewarded our shareholders with dependable returns that averaged at 15 percent per annum. Over that period, we cumulatively paid P118 billion in dividends to our common shareholders.”
Jaime Augusto was the chairman and CEO of the company. He will transfer the CEO post to Fernando who was the company’s president and COO for the longest time. The COO post, he said, will not be filled up for now.
Jaime Augusto and Fernando will continue to represent Ayala, retaining their current roles, as chairman or vice chairman, in the subsidiary boards of various Ayala Group companies.
Meanwhile, Mariana Zobel de Ayala, daughter of Jaime Augusto, will also start her new role as the eighth director at Areit Inc., the real estate investment trust of Ayala Land Inc. She will assume the position as soon as the Securities and Exchange Commission approves the amendment of the company’s articles of incorporation, which increases the company’s number of directors to 8 from the current 7.
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