Ayala Corp. president and chief executive Fernando Zobel de Ayala took a temporary medical leave to focus on improving his health, the conglomerate said Monday.
Ayala said in a disclosure to the stock exchange the board in a special meeting on Aug. 14 elected Cezar Consing as acting president and CEO. The company did not provide further details on Zobel de Ayala’s medical condition.
“Please be informed that Mr. Fernando Zobel de Ayala, with the approval of our board of directors, has taken a temporary medical leave of absence as our vice-chairman of the board and president and chief executive officer. He remains a member of our board but has stepped down as a member of our executive committee and finance committee,” the company said.
Consing, a former president and chief executive of Bank of the Philippine Islands, is a director at several Ayala-owned listed companies, including Ayala Corp., BPI, Globe Telecom Inc. and ACEN Corp.
Zobel de Ayala, 62, also stepped down as member of the executive committee and finance committee but would remain a member of the board.
Delfin Lazaro will serve as vice-chairman of the executive committee.
Ayala chairman Jaime Augusto Zobel de Ayala, older brother of Fernando, said in a social media post the family supports Fernando’s decision to take a leave to rebuild his strength.
“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,” Jaime Zobel said.
“Let us all give Fernando the support he needs to focus on improving his health, and Bong and Del our confidence as they take on their new roles,” he said.